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Budgets, Assessments, and Meetings
Wading through the Covenants and Bylaws to find information is not what I'd call a fun task. However, Hollis asked me to do my best job of extracting
information regarding budgets, assessments, and meetings in preparation for the upcoming Annual General Meeting. Glad to do it, since I know that being an
officer of this association is seldom a pleasant chore, either.
This is by no means an exhaustive analysis, and I urge you to not take my word for it, but rather to refer to either your own official copies of the Covenants and ByLaws, or the unofficial online versions (Covenants)
(ByLaws) I used. Many of the items below are hyperlinked to those source documents for your convenience. Use your browser back arrow to
return here.
-Michael Huebener
[My raw notes #1] [My raw notes #2]
Timeline: Some required dates
NOTE: click this image for a view with example
(Annual) meeting required each year:
 | No later than 60 days after close of fiscal year |
| Notice mailed or delivered 10-30 days prior to meeting |
| Member may be represented by proxy |
| May not conduct business if quorum (25%) not present (meeting is adjourned until 5-30 days hence) |
| Can conduct business until adjournment as long as quorum remains |
| Preparation and adoption of an annual budget in which there shall be established the contribution of each Owner to the common expenses [which becomes the
"assessment"] |
| Making assessments to defray the common expenses, establishing the means and methods of collecting such assessments, and establishing the period of the
installment payments of the annual assessment |
| Can borrow w/o approval for repair or restoration |
| Must obtain approval (as in special assessments) if for modifying, improving or adding amenities and > $10,000
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| Special Assessments: Board may levy special assessments up to $300 total per year, in any year, paid as determined by the board. |
| Computation of Assessment ["dues" that is]:
 | Implies existence of Capital Budget showing 'capital contribution or reserve' amount |
| Requires preparation of budget, estimating costs for coming year |
| Budget and assessment must be delivered to each member at least 30 days prior to end of current fiscal year |
| Budget and assessment shall become effective unless disapproved at a meeting by the majority of the members (definition of majority is not stated, but
means greater than half by common usage) |
| If Board fails to prepare, or budget is disapproved, current budget continues in effect |
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This page was last updated
08/25/04 10:18:56 AM
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