affiliated with a Director for the management or performance of contract services for all or any part of Bella Collina.
Section 8. Resignations
Any Director or officer may resign his post at any time by written resignation, delivered to the President or Secretary, which shall take effect upon its receipt unless a later date is specified in the resignation, in which event the resignation shall be effective from such date unless withdrawn. The acceptance of a resignation shall not be required to make it effective. The conveyance of all Lots owned by any Director or officer (other than appointees of Declarant) shall constitute a written resignation of such Director or officer.
Section 9. Accounting Records; Fiscal Management
9.1. The Association shall prepare an annual financial report within sixty (60) days after the close of the fiscal year. The financial report of the Association shall be prepared as follows:
(a) If the Association meets the criteria of this subparagraph the Association shall prepare or cause to be prepared a complete set of financial statements in accordance with Generally Accepted Accounting Principles. The financial statements shall be based upon the Association's total annual revenues, as follows:
1. If the Association has total annual revenues of $100,000.00 or more, but less than $200,000.00, the Association shall prepare compiled financial statements.
2. If the Association has total annual revenues of at least $200,000.00, but less than $400,000.00, the Association shall prepare reviewed financial statements.
3. If the Association has total annual revenues of $400,000.00, or more, the Association shall prepare audited financial statements. The auditor of the Association's financial statements shall be determined by a vote of the Board.
(b) If the Association meets the criteria of this paragraph the Association shall prepare or cause to be prepared a complete set of financial statements in accordance with the following provisions:
1. If the Association has total annual revenues of less than $100,000.00, the Association shall prepare a report of cash receipts and expenditures.
2. The report of cash receipts and expenditures must disclose the amount of receipts by accounts and receipt classifications and the amount of expenses by accounts and expense classifications, including, but not limited to, the following, as applicable: costs for security, professional, and management fees and expenses; taxes; costs for recreation facilities; expenses for refuse collection and utility services; expenses for lawn care; costs for building maintenance and repair; insurance costs; administration and salary expenses; and reserves if maintained by the association.