Weldon Downs Townhome Association Inc

What Weldon Downs Townhome Association Inc's governing documents say

This is an amendment to the bylaws of Weldon Downs Townhome Association, Inc., a townhome community in Durham, NC. It updates internal governance rules for the homeowners association board, not the rules residents must follow. It is a partial document that changes specific sections of the bylaws.

• Board authority & spending limits: The board must unanimously approve any expenditure over $10,000. The president and treasurer must co-sign such expenditures, and the property manager cannot sign checks for capital repairs or improvements.
• Property manager role: The board may delegate day-to-day financial duties to a property manager, including signing checks, but the manager must obtain a fiduciary bond. The treasurer or president must still sign checks for capital repairs.
• Reserve account: The board must maintain a reserve account for capital improvements and unexpected expenses. Transfers from reserves to operating funds require a majority board vote.
• Financial reporting: The treasurer must provide an annual income statement and balance sheet to members within 75 days of the fiscal year end.
• What this document doesn't cover: This amendment does not address resident rules like pet limits, leasing, or maintenance responsibilities. It only changes internal board procedures.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.