KRS § 381.790

381.790 Budget -- Assessments -- Insurance -- Financial records. (1) Unless otherwise provided in the declaration or bylaws, an association, through its board, shall: (a) Annually adopt and amend a budget for revenues and expenditures. The budget may include reserves to fund the future repair and replacement of capital goods in the normal course of operations; and (b) Collect assessments for common expenses from the owners in accordance with KRS 381.797. (2) Unless provided otherwise in the declaration, an association formed after June 29, 2023, shall obtain and maintain insurance coverage no later than the first conveyance of a lot as follows: (a) Property insurance on the common areas insured for replacement cost; (b) Liability insurance for the common areas; and (c) Other insurance as required by the declaration or bylaws. (3) An association shall keep: (a) A complete set of financial records in accordance with KRS 381.794; (b) Records showing the payment for common expenses and other charges received from the owners; (c) Records detailing and supporting the payment for common expenses and other charges paid to contractors, suppliers, and service providers; (d) Meeting minutes for the association and the board; and (e) Records of the names and mailing addresses of the owners. The owners shall maintain their current mailing address and contact information with the secretary of the association. Effective: June 29, 2023 History: Created 2023 Ky. Acts ch. 23, sec. 6, effective June 29, 2023.