Video FAQ:

Can the incoming board change the budget and/or rules put in place by the developer?

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The incoming board can definitely change the budget that was put together by the builder. The only restriction on that is that they have a fiduciary duty so they can’t change things arbitrarily. They have to have a good reason for doing it. If the rules that were imposed by the builder are in the CC&R’s or the Declaration, then it can be more challenging because those have to be changed by a vote of the members.