Budget Ratification Meetings Basics – What You Need to Know (NC)

The Planned Community Act and the Condominium Act require most homeowners associations and condominium associations to hold budget ratifications meetings. What are these meetings?  A budget ratification meeting is a meeting of the owners of the association to review the proposed budget that has been adopted by the executive board. The budget ratification meeting has a number of different requirements and provisions that are unlike other meetings of a community association. Notably, a budget ratification meeting does not have a quorum requirement, which is dramatically different from typical annual or special meetings.    Read the article…………….