NSCA BYLAWS - Article IV: Fiscal Year, Budget and Dues
Section 1. Fiscal Year. The fiscal year of the Association shall begin on the first day of October every year.
Section 2. Budget. The annual budget of the Association and the annual assessment of Members for the succeeding 12-month period will be presented to the Membership for its approval at the Association’s Annual Meeting or at a special meeting to be called no later than thirty (30) days after the start of the fiscal year. In the event of delayed approval, the Board of Directors shall have the authority to invoke a continuing resolution enabling obligations of the Association to be incurred up to prior budgetary levels.
Section 3. Assessment and Billing of Dues. The Board of Directors shall assess dues payable by each Member of the Association for each unit owned by that Member. Yearly dues shall be assessed according to the budget adopted under Article IV, Section 2. Dues shall be billed semi-annually no later than October 15 and April 15, for the Association’s fiscal year of October 1 – September 30. Dues are payable within thirty days of invoice date.
Section 4. Late Fees and Penalties. Dues not received within thirty (30) days of the invoice date shall be subject to a late fee of ten percent (10%) of the accrued balance. If payment is not received within sixty (60) days of the invoice date, the accrued balance, plus an additional late fee of ten percent (10%), for a total of twenty percent (20%), will be due immediately and NSCA has the right to place a lien on subject property at owners’ expense. Additional late fees of two percent (2%) of the unpaid amount due for each subsequent month the payment is delinquent will accrue until the accrued amount is paid-in-full.
Section 2. Budget. The annual budget of the Association and the annual assessment of Members for the succeeding 12-month period will be presented to the Membership for its approval at the Association’s Annual Meeting or at a special meeting to be called no later than thirty (30) days after the start of the fiscal year. In the event of delayed approval, the Board of Directors shall have the authority to invoke a continuing resolution enabling obligations of the Association to be incurred up to prior budgetary levels.
Section 3. Assessment and Billing of Dues. The Board of Directors shall assess dues payable by each Member of the Association for each unit owned by that Member. Yearly dues shall be assessed according to the budget adopted under Article IV, Section 2. Dues shall be billed semi-annually no later than October 15 and April 15, for the Association’s fiscal year of October 1 – September 30. Dues are payable within thirty days of invoice date.
Section 4. Late Fees and Penalties. Dues not received within thirty (30) days of the invoice date shall be subject to a late fee of ten percent (10%) of the accrued balance. If payment is not received within sixty (60) days of the invoice date, the accrued balance, plus an additional late fee of ten percent (10%), for a total of twenty percent (20%), will be due immediately and NSCA has the right to place a lien on subject property at owners’ expense. Additional late fees of two percent (2%) of the unpaid amount due for each subsequent month the payment is delinquent will accrue until the accrued amount is paid-in-full.
