FISCAL YEAR

Statement of Policy

It shall be the policy of this Homeowners Association that the fiscal year shall be determined by the Board of Directors in accordance with the Bylaws of the Association, Article I, Section 3, which permits a change from a calendar year to a fiscal year whenever deemed expedient and for the best interests of the Association.

The statement in the Bylaws concerning operating on a calendar year basis notwithstanding, the fiscal year of the Association shall begin on May 1 of a calendar year and end on April 30 of the following calendar year.

Implementation

1/13/87
Since the Annual Membership Meeting will occur prior to the end of the fiscal year, members attending will be provided a ten-month financial report with the full year’s financial report to be mailed to all members within 60 days of the end of the fiscal year, in accordance with Article IV, Section 2, paragraph 1 of the Bylaws.

9/23/93
A motion was mad, seconded, and carried that the fiscal year shall begin on October 1 of a calendar year and end on September 30 of the following calendar year.