“Operating expenses” defined.
1. “Operating expenses” means all expenses actually paid, or due but unpaid, by an association during an accounting period, excluding the following:
(a) Real estate expenses.
(b) Interest on borrowed money.
(c) Other nonrecurring charges.
2. That portion of prepaid expenses which is not apportionable to the period may be excluded from operating expenses, in which event operating expenses for future periods shall include that portion of such prepaid expenses apportionable thereto.
Last modified: February 26, 2006