(a) For each fiscal year, the plan manager, or the board of the association if there is no plan manager, shall adopt an operating budget and distribute copies to all members of the association. The budget shall contain at least the following:

contract signature

Need help reviewing a real estate contract?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Hawaii Revised Statutes 514E-10.3

  • Association: means the time share owners association. See Hawaii Revised Statutes 514E-1
  • Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Plan manager: means a person who undertakes the duties, responsibilities, and obligations of managing a time share plan. See Hawaii Revised Statutes 514E-1
  • Purchaser: means any person who has contracted to acquire a time share interest. See Hawaii Revised Statutes 514E-1
(1) The estimated revenues and operating expenses of the association;
(2) Information as to whether the budget has been prepared on a cash or accrual basis;
(3) The total cash reserves of the association as of the date of the budget;
(4) The estimated cash reserves the association will require to maintain the property;
(5) A general explanation of how the estimated cash reserves are computed; and
(6) The amount the association must collect for the year to fund the estimated cash reserves.
(b) The plan manager, or the board of the association if there is no plan manager, shall arrange for an annual independent audit of the association’s financial accounts conducted by a public accountant in accordance with generally accepted auditing standards. Upon request, a copy of the audit shall be provided to the director, to any member of the association, and any prospective purchaser. The audit report shall include such information as provided by rules adopted by the director pursuant to chapter 91.

  Previous
Next  
 Chapter 514E Contents