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200400023 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. 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. ARTICLE V. BUDGET AND ASSESSMENTS Section 1. Budget. The Executive Board shall adopt a budget for each fiscal year, beginning on May 1st and ending on the next April 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 April 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 May 1st beginning of the fiscal year for which the budget is made. Budgets may be amended during a current fiscal year where necessary, but copies of the amended budget and proposed increase or decrease in assessments shall be mailed to each unit owner prior to the effective date of such increase or decrease. The Executive Board must comply with Section 76- 861(c) of the Condominium Act as it pertains to ratification of the budget. Section 2. Annual Assessments. The first annual assessment shall be levied against each unit and the owner thereof on May 1, 2004, for Units. The annual assessment shall be divided as evenly into twelve (12) monthly payments as possible with the first payment to include the remainder after division. These monthly payments shall become due and payable upon the 1 st of May and the 1 st of each month thereafter during the fiscal year. Annual assessments for each fiscal year thereafter shall be levied and shall become due and payable in the same manner. Annual assessments to be levied against each unit and the owner thereof shall be computed according to such unit's share of the total annual budget for the fiscal year based upon the percentage of such unit's percentage as set forth in Paragraph VI of the Master Deed and Declaration. Section 3. Interim Assessments. Until May 1, 2004, the following interim assessments shall be due and payable on the first day of each calendar month: Unit Interim Assessment Number (Per Month) 1 $75.00 2 $75.00 7