Item 26 - Public Hearing Vista Heritage Charter School (601 North Fairview Street)

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Section 5. Annual Report. The Board shall cause an annual report to be furnished not later than 120 days after the close of the corporation's fiscal year to all directors of the corporation which report shall contain the following information in appropriate detail: (a) The assets and liabilities of the corporation as of the end of the fiscal year; (b) The principle changes in assets and liabilities during the fiscal year; (c) The revenue or receipts of the corporation both unrestricted and restricted to particular purposes for the fiscal year; (d) The expenses or disbursements of the corporation for both general and restrictive purposes during the fiscal year. The annual report shall be accompanied by any report thereon of independent accountants or if no such report the certificate of an authorized officer of the corporation that such statements were prepared without audit from the books and records of the corporation. ARTICLE XIII Other Required Disclosure to Members As required by law, the following reports and/or disclosures shall be made or provided to the Members in compliance with the deadlines set forth below: Section 1. Annual Statement of Association's Collection Policy. The Board of Directors shall annually distribute within 60 days before the beginning of the fiscal year a statement describing the Association's policies and practices in enforcing its remedies against Members for defaults in the payment of regular and special assessments, including the recording and foreclosing of liens. Section 2. Alternative Dispute Resolution (ADR) Disclosure. On an annual basis, the Board shall provide each Member the summaries required by Civil Code Sections 1369.590 and 1363.850. Section 3. Disclosure of Schedule of Fines or Other Monetary Penalties. If the Association adopts a schedule of fines for commonly recurring infractions of the Governing Documents or any other policy imposing a monetary penalty or a fee on any Member for violation of any Governing Document or the Association Rules, including any monetary penalty relating to the activities of a guest or invitee of a Member, the Board shall distribute the schedule or policy to the Members. This distribution obligation shall arise whenever such a schedule or policy is adopted or subsequently amended. Section 4. Avoidance of Duplication in Reporting Obligations. To the extent one document distributed to the Members under Article XII or this Article XIII provides the information required in more than one of the foregoing Sections of this Article and the time deadlines for proper distribution can otherwise be satisfied, any such requirements listed above may be satisfied by sending the Members the same document. -19- City Council 26 — 645 1/16/2024