Condo Media - July 2021 - 34

The Region NEW HAMPSHIRE
Granite State
Financial Management
Old and New Requirements
[by Gary M. Daddario, Esq., CCAL]
With this issue covering association
financial management from
many angles, I will use this space to
touch on a few points of New Hampshire
law that associations should take
into consideration regarding presentday
operations.
ANNUAL BUDGET
Though " old news " for some, be aware
that since 2016, the process for adopting
an association's annual budget is
a matter of statutory law. Pursuant to
RSA 356-B:40-c, boards must now: 1)
pass a proposed budget among board
members; 2) provide that budget (or a
summary) to all owners within 30 days;
3) provide with the budget information
a meeting notice for a meeting to take
place not less than 10 nor more than
60 days out; and 4) ratify the budget
if it is not rejected by two thirds of the
community at the meeting. The infor34
CONDOMEDIA July 2021
mation provided on the budget must
include the reserves and a statement of
the basis for the calculation of reserves.
If a proposed budget is rejected, the
association must continue with the
last approved budget.
SPECIAL ASSESSMENTS
Pursuant to the same statutory provision,
New Hampshire boards must
utilize the same process if they wish to
assess a " special " assessment. With the
community having the ability to reject
a special assessment, it becomes important
for boards to avoid being in the
position of needing one. The simplest
way to do this (other than prudent general
management of the property) is by
being generous with budget line items.
In other words, err on the side of having
plenty of funds available for the needs
of the year. In the event that actual
expenses are less, most condominium
documents will allow the board to
place the funds into the reserves.
This, ultimately, serves as its own
" positive " event for the association.
It bears mention that RSA
356-B:40-c, III, does allow for the
board to levy an " emergency " special
assessment. This process requires two
thirds of the vote of the board members
that the assessment is necessary
to respond to an emergency. Thereafter,
notice must promptly issue to all
owners and the funds collected may
only be used for the stated emergency
purpose. Two years later, in 2018, the
statute was amended to further restrict
such assessments by providing a definition
of " emergency. " Associations
may make an emergency assessment
only in relation to issues involving: 1)
structural integrity; 2) life and safety;
or 3) orders of courts or administrative
proceedings.

Condo Media - July 2021

Table of Contents for the Digital Edition of Condo Media - July 2021

Contents
Condo Media - July 2021 - Cover1
Condo Media - July 2021 - Cover2
Condo Media - July 2021 - Contents
Condo Media - July 2021 - 2
Condo Media - July 2021 - 3
Condo Media - July 2021 - 4
Condo Media - July 2021 - 5
Condo Media - July 2021 - 6
Condo Media - July 2021 - 7
Condo Media - July 2021 - 8
Condo Media - July 2021 - 9
Condo Media - July 2021 - 10
Condo Media - July 2021 - 11
Condo Media - July 2021 - 12
Condo Media - July 2021 - 13
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Condo Media - July 2021 - 15
Condo Media - July 2021 - 16
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Condo Media - July 2021 - 19
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Condo Media - July 2021 - 48
Condo Media - July 2021 - Cover3
Condo Media - July 2021 - Cover4
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