Budget Ratification: Understanding the Ghost of Budgets PAST When Preparing for the Future
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Annually, community associations tackle the responsibility of crafting a budget for the upcoming year, mandated by the North Carolina Planned Community Act and the North Carolina Condominium Act. Boards of Directors are required to formulate, adopt, and present the proposed annual budget to the membership for ratification. This article outlines the distinctions between community associations and a step-by-step process for budget ratification.
