REVIEW GOVERNING
DOCUMENTS FIRST
Because every action the board takes must
be within its legal authority and responsibility,
leaders should consult their governing
documents before proceeding with any
significant undertaking, including budgeting.
A collection of documents that outline rules
and operations, the governing documents will
contain the following information:
• Who can prepare the budget
• When to prepare the budget
• Budget distribution requirements
• Approval protocols
• Fiscal year-end
• Maximum increases
• And more
Complying with all governing document
guidelines and applicable state statutes is
critical. If needed, contact your community
manager or an association attorney for
assistance and clarification.
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