Our Florida condominium association documents state that our association's fiscal year is the calendar year. However, the By-Laws state, "The annual meeting of the membership shall be held the first Monday in March of each year, or such other time and place as may be designated by the Board of Directors...".
Any accountants out there?
Question #1: Can we maintain a budget dated April 1st - March 31st, or must the budget date be aligned with the fiscal year (in our case, Jan 1st - Dec 31st)?
Question #2: If we must make the change, that is, to plan for 2012 budget to begin January 1st, what kind of procedure is required of the board? Can the change be accomplished by passage of a motion that the 2012 budget will be proposed and approved prior to its effective date, i.e. January 1, 2012?
Question #3: If the budget approval meeting must take place in December, is it also necessary that the annual meeting of the membership (with election of board members) Also take place in December?
