Article Eighteen
Financial Management
Article 18 Section 18.1 Accounting Period: The Association's fiscal management shall operate within a calendar year, which shall commence on January 1st and end on December 31st of each year. Section 18.2 Preliminary Budget: The Board, sixty (60) days prior to the beginning of each fiscal year, shall prepare for the next succeeding fiscal year the following preliminary budgets: A. Annual Operating Expense Budget; B. Annual Capital Expense Budget; C. Annual Revenue Budget; and D. Annual Capital Reserve Budget. Section 18.3 Adoption of Budgets: The proposed budgets shall be mailed to the Membership so as to allow not less than thirty (30) days for members of the Association to review same and to comment thereon, either in writing or at hearings held thereon if the Board shall choose or through such other means as the Board may agree upon and implement. After the proposed budgets have been circulated for not less than thirty (30) days and prior to the first day of the fiscal year to which the proposed budgets apply, the Board by majority vote shall adopt the final budget, which shall be itemized with particularity and which may contain such changes, additions, deletions, or corrections as the Board deems appropriate and in the best interest of the Association. Section 18.4 Auditing: At the close of each fiscal year, the books and records of the Association shall be reviewed by a certified public accounting firm appointed by the Board of Directors whose written report shall be prepared and presented to the Board of Directors and published to the membership
