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<br />c. Prepare or cau.e to be prepared an annual report~ <br />a copy of Which .hall be provided to each owner with the <br />notice of each annual me.ting and .hall be available to <br />each OV~~r at the annual meeting, .howing the financial <br />affaire of the A..ociation, and containing at a minimum <br />the following: <br /> <br />(1) A .tatement of any capital expenditure. in <br />excess of $1.000 anticipated by t)~e Aasociation during <br />the current year or aucceeding ~#O (2) fiacal year., <br /> <br />(11) A .tatement of the .t~tu. and amount of any <br />reserve or ~eplacement fund and any portion of the fund <br />designated by the Board for any specified project, <br /> <br />(iii) A copy of the statement of i 'an~ial condition <br />for the Association for the last f~scal year; <br /> <br />(iv) A statement of the status of any pending suits <br />o~ judgments in which the Association is a party: <br /> <br />(v) A .tatement of the insurance coverage provided by <br />the As.ociation, and <br /> <br />(vi) ^ state~e~t of any unpaid asaessments levied by <br />the ~~sociat~on On indlvidual Unita, identifying the Unit <br />nuniber, the amount of tne unpaid ..sessment and ita due <br />date. <br /> <br />Any member of the Association shall have the right, upon <br />reasonable notice to the Treasurer, to reviev the accounts and <br />financial records of the Association. If the Association does not <br />elect to include an audlt as a part of the Common oxpenses, one or <br />more members may call for an audit of the affairs of the <br />~ssociation by written notice to the President. If the audit <br />shall disclose errors of three percent (3') or greater in any <br />flgurea contained in the most recent statements issued by the <br />Roard. the Association shall bear the expense of the audit. If no <br />such error of three percent (3') or greater ahall be established <br />by the audit, the member or members reque ~- the audit shall <br />bear the entire expense thereof, which .hall oe a lien upon their <br />individual Units until pald. <br /> <br />Sectlon 6. Llmltation of Authority. Anything herein or <br />in the Declaration to the contrary notwithstanding, unless <br />speclflcally authorized hereln or in the Declaratlon. the Board of <br />Directors shall have no authorlty, except as may 8p~cifically be <br />granted by the maJority (or such higher number as may otherwise be <br />required hereunder, by the Act or by th6 Declaratlon) of the <br />members present in pereon or by proxy ~t a meeting thereof, to do <br />any of tho followings <br /> <br />-8- <br />