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202500472 (b) receive and give receipts for monies due and payable to the Association from any source whatsoever, and deposit all such monies in the name of the Association in such banks, trust companies or other depositories as shall be selected; (c) in general, perform all of the duties incident to the office of Treasurer and such other duties as from time to time may be assigned by the President or by the Board of Directors. (i) Salaries It is the intention of the Board of Directors of the Association that officers of the Association shall serve in a voluntary capacity without payment or remuneration except reimbursement for out-of-pocket expenses actually incurred by such officers. The Board of Directors, by resolution, may provide for the payment or salaries or fees to an officer or officers for specific services rendered to the Association. ARTICLE VII. BUDGET AND ASSESSMENTS Section 1. Budget. The Board of Directors shall adopt a budget for each fiscal year, 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 assessment for prior years. Copies of the budget and the annual assessment will be presented and adopted at the Annual Meeting each year. Section 2. Annual Assessments. The annual assessment shall be divided as evenly into four (4) quarterly payments as possible with the first payment to include the remainder after division. These quarterly payments shall become due and payable by owner's personal check, bank check or money order; made payable to Fairway Estate, and delivered upon the 1st of January, the 1st of April, the 1st of July, and the 1st of October during the fiscal year.