What Are Deadlines for Slow Treasurer?
What is the legal requirement for distribution of the budget to the owners? What other fiscal deadlines or disclosures about reserve funds are required of the board? ANSWER: Even if the treasurer takes responsibility for the preparation of the budget, all board members have a responsibility to see that the budget is a realistic one and that its distribution complies with the law. In California, as in several other states, the legal requirements are very specific. The annual budget must be sent to all owners not more than 60 days nor less than 45 days prior to the beginning of the association’s fiscal year. The budget must include estimates of the association’s operating and reserve expenditures, plus the following reserve funding information: 1–Identification of the major components belonging to the association that will require future repair and replacement. 2–The estimated replacement cost of these components and the estimated remaining useful life of each one. 3–The current estim
