By-Laws

Section 5: Annual Report

The Board of Directors shall prepare an annual report on behalf of the Association to be mailed or delivered to each Owner together with the notice of the annual meeting. The report shall contain at a minimum:

  1. A statement of any capital expeditures in excess of two percent of the current budget or $5,000, whichever is greater, approved by the Association for the current year or succeeding two fiscal years.
  2. A statement of the balance in any reserve or replacement fund and any portion of the fund designated for any specified project by the Board of Directors.
  3. A copy of the statement of revenues and expenses for the Association's last fiscal year, and a balance sheet as of the end of said fiscal year.
  4. A statement of the status of any pending litigation or judgments to which the Association is a party.
  5. A statement of the insurance coverage provided by the Association.
  6. A statement of the total past due assessments on all Units, current as of not more than 60 days prior to the date of the meeting.