Set Annual Budget According to Governing Documents’ Requirements

Don’t overlook the requirements of your declaration and bylaws when you set your annual budget. If you do, you might not be able to enforce the assessments you charge your members. Example: Your association sues a member to collect unpaid assessments. The member says that the declaration requires the board to adopt the association’s budget and to give each member 14 days’ advance notice of the meeting at which the budget is going to be discussed.


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