§ 55-370.1. Time-share estate owners' association annual report.
A. Commencing with the time-share estate program and within 120 days afterthe close of each fiscal year thereafter, an annual report shall be preparedand distributed to all time-share estate owners. The annual report requiredhereby shall be prepared and distributed for each time-share estate projectregistered with the Board. During the developer control period, the annualreport shall be prepared and distributed to all time-share purchasers by thedeveloper or its designated managing entity and thereafter by the association.
B. The annual report shall contain the following:
1. A list of the names and mailing addresses of the members of theassociation's board of directors and the name of the person who prepared thereport;
2. A balance sheet as of the end of the fiscal year;
3. An income statement as of the end of the fiscal year;
4. A statement of the net changes in the financial position of theassociation for the fiscal year just ended;
5. A statement of the time-share estates occupancy expenses, the regularassessment, any special assessments or other charges due for the current yearfrom each time-share estate owner; and
6. A copy of the current budget reflecting the anticipated time-share estateoccupancy expenses along with:
a. A statement as to who prepared the budget;
b. A statement of the budgetary assumptions concerning occupancy factors;
c. A description of any provision made in the budget for reserves for repairsand replacement;
d. A statement of any other reserves;
e. The projected financial liability for each time-share estate owner,including a statement of (i) the nature of all charges, assessments,maintenance fees, and other expenses which may be assessed, (ii) the currentamounts assessed, and (iii) the method and formula for changing any suchassessments; and
f. A statement of any services not reflected in the budget that the developerprovides, or expenses that it pays, what it expects may become a time-shareexpense at any subsequent time, and the projected time-share expenseassessment attributable to each of those services or expenses for theassociation and for each time-share.
C. In lieu of the annual report required by subsection A, during the firsttwelve months of the time-share program, the developer or the associationshall prepare a budget which shall contain the information contained insubdivision 6 of subsection B.
(1985, c. 517; 1991, c. 704; 1994, c. 580; 1998, c. 460.)
§ 55-370.1. Time-share estate owners' association annual report.
A. Commencing with the time-share estate program and within 120 days afterthe close of each fiscal year thereafter, an annual report shall be preparedand distributed to all time-share estate owners. The annual report requiredhereby shall be prepared and distributed for each time-share estate projectregistered with the Board. During the developer control period, the annualreport shall be prepared and distributed to all time-share purchasers by thedeveloper or its designated managing entity and thereafter by the association.
B. The annual report shall contain the following:
1. A list of the names and mailing addresses of the members of theassociation's board of directors and the name of the person who prepared thereport;
2. A balance sheet as of the end of the fiscal year;
3. An income statement as of the end of the fiscal year;
4. A statement of the net changes in the financial position of theassociation for the fiscal year just ended;
5. A statement of the time-share estates occupancy expenses, the regularassessment, any special assessments or other charges due for the current yearfrom each time-share estate owner; and
6. A copy of the current budget reflecting the anticipated time-share estateoccupancy expenses along with:
a. A statement as to who prepared the budget;
b. A statement of the budgetary assumptions concerning occupancy factors;
c. A description of any provision made in the budget for reserves for repairsand replacement;
d. A statement of any other reserves;
e. The projected financial liability for each time-share estate owner,including a statement of (i) the nature of all charges, assessments,maintenance fees, and other expenses which may be assessed, (ii) the currentamounts assessed, and (iii) the method and formula for changing any suchassessments; and
f. A statement of any services not reflected in the budget that the developerprovides, or expenses that it pays, what it expects may become a time-shareexpense at any subsequent time, and the projected time-share expenseassessment attributable to each of those services or expenses for theassociation and for each time-share.
C. In lieu of the annual report required by subsection A, during the firsttwelve months of the time-share program, the developer or the associationshall prepare a budget which shall contain the information contained insubdivision 6 of subsection B.
(1985, c. 517; 1991, c. 704; 1994, c. 580; 1998, c. 460.)
§ 55-370.1. Time-share estate owners' association annual report.
A. Commencing with the time-share estate program and within 120 days afterthe close of each fiscal year thereafter, an annual report shall be preparedand distributed to all time-share estate owners. The annual report requiredhereby shall be prepared and distributed for each time-share estate projectregistered with the Board. During the developer control period, the annualreport shall be prepared and distributed to all time-share purchasers by thedeveloper or its designated managing entity and thereafter by the association.
B. The annual report shall contain the following:
1. A list of the names and mailing addresses of the members of theassociation's board of directors and the name of the person who prepared thereport;
2. A balance sheet as of the end of the fiscal year;
3. An income statement as of the end of the fiscal year;
4. A statement of the net changes in the financial position of theassociation for the fiscal year just ended;
5. A statement of the time-share estates occupancy expenses, the regularassessment, any special assessments or other charges due for the current yearfrom each time-share estate owner; and
6. A copy of the current budget reflecting the anticipated time-share estateoccupancy expenses along with:
a. A statement as to who prepared the budget;
b. A statement of the budgetary assumptions concerning occupancy factors;
c. A description of any provision made in the budget for reserves for repairsand replacement;
d. A statement of any other reserves;
e. The projected financial liability for each time-share estate owner,including a statement of (i) the nature of all charges, assessments,maintenance fees, and other expenses which may be assessed, (ii) the currentamounts assessed, and (iii) the method and formula for changing any suchassessments; and
f. A statement of any services not reflected in the budget that the developerprovides, or expenses that it pays, what it expects may become a time-shareexpense at any subsequent time, and the projected time-share expenseassessment attributable to each of those services or expenses for theassociation and for each time-share.
C. In lieu of the annual report required by subsection A, during the firsttwelve months of the time-share program, the developer or the associationshall prepare a budget which shall contain the information contained insubdivision 6 of subsection B.
(1985, c. 517; 1991, c. 704; 1994, c. 580; 1998, c. 460.)
