§ 55-370.1. Time-share estate owners' association annual report
A. Commencing with the time-share estate program and within 120 days after the close of each fiscal year thereafter, an annual report shall be prepared and distributed to all time-share estate owners. The annual report required hereby shall be prepared and distributed for each time-share estate project registered with the Board. During the developer control period, the annual report shall be prepared and distributed to all time-share purchasers by the developer or its designated managing entity and thereafter by the association.
B. The annual report shall contain the following:
1. A list of the names and mailing addresses of the members of the association's board of directors and the name of the person who prepared the report;
2. A balance sheet as of the end of the fiscal year;
3. An income statement as of the end of the fiscal year;
4. A statement of the net changes in the financial position of the association for the fiscal year just ended;
5. A statement of the time-share estates occupancy expenses, the regular assessment, any special assessments or other charges due for the current year from each time-share estate owner; and
6. A copy of the current budget reflecting the anticipated time-share estate occupancy expenses along with:
a. A statement as to who prepared the budget;
b. A statement of the budgetary assumptions concerning occupancy factors;
c. A description of any provision made in the budget for reserves for repairs and replacement;
d. A statement of any other reserves;
e. The projected financial liability for each time-share estate owner, including a statement of (i) the nature of all charges, assessments, maintenance fees, and other expenses which may be assessed, (ii) the current amounts assessed, and (iii) the method and formula for changing any such assessments; and
f. A statement of any services not reflected in the budget that the developer provides, or expenses that it pays, what it expects may become a time-share expense at any subsequent time, and the projected time-share expense assessment attributable to each of those services or expenses for the association and for each time-share.
C. In lieu of the annual report required by subsection A, during the first twelve months of the time-share program, the developer or the association shall prepare a budget which shall contain the information contained in subdivision 6 of subsection B.
(1985, c. 517; 1991, c. 704; 1994, c. 580; 1998, c. 460.)
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