Notwithstanding a contrary provision in the governing documents, an association shall distribute an annual budget report 30 to 90 days before the end of its fiscal year. Unless the governing […]
“Reserve account requirements” means the estimated funds that the board has determined are required to be available at a specified point in time to repair, replace, or restore those major […]
“Reserve accounts” means both of the following: Moneys that the board has identified for use to defray the future repair or replacement of, or additions to, those major components that […]
“Annual budget report” means the report described in Section 5300.
Law firms have seen an increase in claims for defective budgets in recent years. These claims arise when associations find out that what they thought was a solid budget turns […]