{"data":{"id":"us-ky/krs-381.790","jurisdiction":"us-ky","citation":"KRS 381.790","heading":"Budget -- Assessments -- Insurance -- Financial records.","body":"(1) Unless otherwise provided in the declaration or bylaws, an association, through its\nboard, shall:\n(a) Annually adopt and amend a budget for revenues and expenditures. The\nbudget may  include reserves to fund the future repair and replacement of\ncapital goods in the normal course of operations; and\n(b) Collect assessments for common expenses from the owners in accordance\nwith KRS 381.797.\n(2) Unless provided otherwise in the declaratio n, an association formed after June 29,\n2023, shall obtain and maintain insurance coverage no later than the first\nconveyance of a lot as follows:\n(a) Property insurance on the common areas insured for replacement cost;\n(b) Liability insurance for the common areas; and\n(c) Other insurance as required by the declaration or bylaws.\n(3) An association shall keep:\n(a) A complete set of financial records in accordance with KRS 381.794;\n(b) Records showing the payment for common expenses and other charges\nreceived from the owners;\n(c) Records detailing and supporting the payment for common expenses and other\ncharges paid to contractors, suppliers, and service providers;\n(d) Meeting minutes for the association and the board; and\n(e) Records of the names and mailing addresses of the owner s. The owners shall\nmaintain their current mailing address and contact information with the\nsecretary of the association.","path":["KRS Chapter 381"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53661","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:11Z","sha256":"3eda54934de7c1b5ccadfbf5b605197cf24f3b57590fd1aa7ff2dcbb46d7d9df","source_id":"us-ky","stale":false,"prev":"us-ky/krs-381.789","next":"us-ky/krs-381.791"},"notice":"GroundRules: Original legal text. Not legal advice."}