381.790 Budget -- Assessments -- Insurance -- Financial records.

212 words·~1 min read·/ky/chapter-381/381-790

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Unless otherwise provided in the declaration or bylaws, an association, through its

board, shall:

(a)Annually adopt and amend a budget for revenues and expenditures. The

budget may include reserves to fund the future repair and replacement of

capital goods in the normal course of operations; and

(b)Collect assessments for common expenses from the owners in accordance

with KRS 381.797.

(2)Unless provided otherwise in the declaration, an association formed after June 29,

2023, shall obtain and maintain insurance coverage no later than the first

conveyance of a lot as follows:

(a)Property insurance on the common areas insured for replacement cost;

(b)Liability insurance for the common areas; and

(c)Other insurance as required by the declaration or bylaws.

(3)An association shall keep:

(a)A complete set of financial records in accordance with KRS 381.794;

(b)Records showing the payment for common expenses and other charges

received from the owners;

(c)Records detailing and supporting the payment for common expenses and other

charges paid to contractors, suppliers, and service providers;

(d)Meeting minutes for the association and the board; and

(e)Records of the names and mailing addresses of the owners. The owners shall

maintain their current mailing address and contact information with the

secretary of the association.