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(d) To appoint annually the officers of the Association and the members of the <br />Architectural Control Committee. <br />( e) To prepare and render to the Members annually, on or before thirty (30) days <br />. prior to the first day of each fiscal year, a statement showing anticipated mcome <br />and . operating expenses, including reasonable . reserves, if necessary. <br />(t) To submit at each annual meeting of the Members a statement of the business <br />transacted during the preceding year, a report of the general financial condition <br />of the Association and its tangible property, and the proposed budget for the <br />current fiscal year. This statement and report may be incorporated in an Annual <br />Report, which the Directors shall also prepare and mail to the Members in the <br />same manner as provided in these Bylaws. The Annual Report shall contain, at <br />a minimum, the following: <br />i) A statement of any capital expenditures in excess of two percent (2 % ) of the <br />current budget, or $8,000, whichever is greater, anticipated by the Association <br />during the current year and succeeding two (2) fiscal years; <br />ii) A statement of the status and amount of any reserve or replacement fund and <br />any portion of the fund designated for any specified project by the Board of <br />Directors; <br />111) A copy ofthe statement of financial condition for the Association for the <br />last fiscal year; <br />iv) A statement of the status of any pending suits or judgments to which the <br />Association is a party; <br />v) A statement of the insurance coverage provided by the Association; <br />and <br />vi) A statement of any unpaid assessments by the Association on individual Lots <br />identifying the address and the amount of the unpaid assessment. <br />(g) To use the proceeds of assessments in the exercise of its powers and duties. <br />(h) To restore improvements after damage except as provided for in the Declaration. <br />(i) To establish and amend rules and regulations respecting the use of the common <br />areas, if any, private roadway, entrance monuments, and NURP pond. <br />0) To appoint committees from the Members as it deems advisable for the purpose <br />7