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|
45 - 60 Days Before the
Start of the Fiscal Year |
Operating budget.
The budget must contain:
• Estimated revenue
and expenses on an accrual basis.
• A summary of the reserves and specific information required by
statute.
• A statement whether the Board expects to levy any special
assessments.
• A description of the procedures used to calculate reserves.
Note: Instead
of distributing the budget, you can distribute a summary stating
that the complete budget is available for review at the
management office or on site, and that copies will be provided
upon request at no charge. |
Civ. §1365(a)(c) |
|
30 - 60 Days Before the
Start of the Fiscal Year |
|
Regular assessments. If the
regular assessments are to be increased, notice must be mailed
to the owners 30 to 60 days before the increase takes effect. |
Civ. §1366(d) |
|
1 - 60 Days Before the
Start of the Fiscal Year |
|
Insurance. Summaries the
association’s property, general liability, and earthquake and
flood, and fidelity insurance policies, which state the
insurer’s name, type of insurance, policy limits, and
deductibles. You can distribute the policy declarations pages
instead, if they contain the required information. A statement
must be included in the disclosure in at least 10-point
boldface type. The association must also notify members if
policies are canceled and not immediately replaced. |
Civ. §1365(e)
|
|
Collection Policy. Disclose
the association's
policies & practices in enforcing lien rights or other legal
remedies for default in payment of assessments. Include in 12
point type the notices required by 1365.1. |
Civ. §1365(d)
&
1365.1 |
|
1 - 120 Days After the
Start of the Fiscal Year |
|
Annual Financial Statement.
Associations with a gross annual income of over $75,000 must
conduct an annual review by a licensed California accountant and
distribute the review. |
Civ. §1365(b) |
|
Annually |
|
Fine schedule. Disclose the
association’s policies regarding monetary penalties and
suspension of privileges for violations of rules and CC&Rs. |
Civ. §1363(g)Corp.
§7341(c) |
|
Right to Minutes. Annually
notify members of their right to receive draft or final
minutes of open board meetings within 30 days of the meeting,
and how and where those minutes may be obtained. |
Civ.
§1363.05(d),(e) |
|
Alternative Dispute
Resolution. Distribute a
summary of Civ. Code §1354 which encourages the use of
arbitration or mediation before certain lawsuits are filed to
enforce the governing documents. NOTE: After January 1, 2005,
distribute this
summary plus a
description of the association's internal dispute resolution
process. |
Civ.
§1354(i)
(before 1/1/05)
§1369.590 & §1363.850 (after
1/1/05) |
|
Security Issues. Annually
include a statement that members are responsible for their own
safety and security. Owners should take normal precautions such
as locking doors, avoiding dangerous situations, installing
alarms, etc. |
|