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Section 4. President. The President shall be the chief executive officer of the Association. He shall preside at all meetings of the Association and of the Executive Board. He shall have all of the general powers and duties which are incident to the office of President of a non - profit corporation, including but not limited to, the power to appoint committees from among the unit owners from time to time as he may at his discretion decide is appropriate to assist in the conduct of the affairs of the Association. Section 5. Vice President. The Vice President shall take the place of the President and perform his or her duties whenever the President shall be absent or unable to act. If neither the President nor the Vice President is able to act, the Executive Board shall appoint some other member of the Executive Board to act in place of the President, on an interim basis. The Vice President shall also perform such other duties as shall from time to time be imposed upon him or her by the Executive Board or by the President. Section 6. Secretary. The Secretary shall take the minutes of all meetings of the Association and of the Executive Board, and shall keep same at the principal office of the Association unless otherwise instructed by the Executive Board; he or she shall have charge of such books and papers as the Executive Board may direct; and he or she shall, in general, perform all the duties incident to the office of secretary of a non - profit corporation organized under the laws of the State of Nebraska. Section 7. Treasurer. The Treasurer shall have the responsibility for Association funds and securities and shall be responsible for keeping full and accurate financial records and books of account showing all receipts and disbursements, and for the preparation of all required financial data. He or she shall be responsible for the deposit of all monies and other valuable effects in the name of the Executive Board, and he or she shall, in general, perform all the duties incident to the office of treasurer of a non - profit corporation organized under the laws of the State of Nebraska. Section 8. Compensation. 201309492 Compensation of officers shall be fixed by the Executive Board and shall be reasonable compensation considering the duties of the office. Any Director who is also an officer shall not have a vote in the setting of compensation for the office or offices held by said Director. Section 9. Agreements, Contract, Etc. All agreements, checks, contracts and other instruments shall be signed by two officers of the Association or by such other person or persons as may be designated by the Executive Board. Section 1. Budget. ARTICLE V. BUDGET AND ASSESSMENTS The Executive Board shall adopt a budget for each fiscal year, beginning on July 1st and ending on the next June 30th, which shall include the estimate of funds required to defray common expenses in the coming fiscal year and to provide funds for current expenses, reserves for deferred maintenance, reserves for replacements, and reserves to provide a working fund or to meet anticipated losses, and such sums as needed to make up any deficit in the common expense assessments for prior years. The budget shall be adopted in June of each year in advance of the coming fiscal year and copies of the budget and the annual assessments for each unit shall be sent to each unit owner on or before the July 1st beginning of the fiscal year for which the budget is made. 7