Budget & Reserves
Assessments are levied pursuant to the annual association budget and are required to be sufficient to cover all known or anticipated expenses for the coming year. They are due on a quarterly basis. Annually, prior to the end of the fiscal year, the board of directors drafts and adopts a budget.
The remedy for failure to pay the assessments is foreclosure, and the association has the power to take title to the unit if the owner does not pay what is due and owed.
In addition to the budgetary assessments, boards have the power to levy special assessments to cover unanticipated or nonrecurring expenses.