Distribtuion of Budget

DISTRIBUTION OF BUDGET

Distribution of Budget. The budget must be distributed not less than 30 days nor more than 90 days prior to the beginning of the association's fiscal year. Civil Code §1365(a)4 There are penalties for distributing a late budget.

Summary of Budget. In lieu of distributing the budget, the board may distribute a budget summary and reserve summary with a written notice (in at least 10-point bold type on the front page of the summary of the budget) that the complete budget is available at the business office of the association or other location and copies can be made, if requested, at the associations expense.

Full Budget. If a member requests that a copy of the budget be mailed to the member, the association shall provide a copy by first-class mail at the expense of the association and delivered within 5 days. Civil Code §1365(d)

Associations must include their collection policies and a summary of their insurance policies, along with other disclosures required by law when they send out the budget. See our disclosure checklist.

Updated by ADAMS KESSLER 10/2/2008