SPENDING APPROVAL LIMITS

REVISION DATE: 11/21/02

PURPOSE

This policy establishes the spending limits for the Property Management Company and the President of the Board of Directors which do not require full Board approval.

POLICY

1. For each Association creditor, the Management Company, without full Board approval, may authorize expenditures not to exceed $1,000.00 per incident.

2. For each Association creditor, the President of the Board of Directors, without full Board approval, may authorize expenditures not to exceed $1,500.00 per incident.

3. Expenditures over $1,500.00 per incident require approval by the entire Board of Directors.

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