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200010301 <br />ARTICLE VII <br />Fiscal Management <br />7.1 Fiscal Management. The provisions for fiscal management of the Association set <br />forth in the Declaration and the Nebraska Uniform Condominium Act shall be supplemented by <br />the provisions in this Article. <br />7.2 Accounts. The receipts and expenditures of the Association may be credited and <br />charged to accounts under the following classifications as shall be appropriate: <br />(a) "Current expenses" or 'operating expenses ", which include all receipts <br />and expenditures within the year for which the budget is made including a reasonable <br />allowance for contingencies and working funds, except expenditures chargeable to <br />reserves, or to additional improvements. <br />(b) "Reserve for deferred maintenance ", may be established, which shall <br />include funds for maintenance items that occur less frequently than annually. <br />(c) "Capital expenditures" for capital items may be established, which may <br />include funds for repairs, replacements, or improvements required or desired because of <br />damage, depreciation, obsolescence or desirability. The capital expenditures will be <br />made through assessments and the Association or its designee may serve in an agency <br />capacity for the benefit of the Unit Owners. <br />7.3 Assessments. Assessments against the Owners for the expenses of the <br />Association shall be made in the manner as described in the Declaration and described below: <br />(a) All assessments shall be payable in twelve (12) monthly payments and <br />shall be due and payable on the first day of each month of the fiscal year for which they <br />are assessed. <br />(b) If an annual assessment is not made as required, an assessment shall be <br />presumed to have been made in the amount of the last prior assessment and monthly <br />installments on such assessments shall be due upon each installment payment date <br />until changed by an amended assessment. Should the annual assessment prove to be <br />insufficient, the budget and assessments may be amended at any time by the Board. <br />The unpaid assessment for the remaining portion of the calendar year from which the <br />amended assessment is made shall be due upon the date of assessment. The <br />amended assessment shall be paid in equal payments on the payment dates of the <br />annual assessment during the remainder of that calendar year. <br />-6- <br />