1.  General.  The Treasurer shall Keep complete and accurate books and records of the receipts and expenditures affecting the common areas and facilities, specifying and itemizing the maintenance and repair expenses of the common areas and facilities and any other expenses incurred, as required by the Declaration. Such books and records, and all contracts, documents, papers and other records of the Association, shall be available for examination by the lot owners or their authorized representatives, agents or attorneys, at any reasonable time or times.

2.  Financial Reports.  The Board of Directors shall review the accounts and financial statements of the Association each year and cause to be issued and mailed to all lot owners at least one copy of each annual financial statement and report of the Association prepared by the Treasurer and Board, including a statement from the President indicating the general condition of the Association and providing a comparison between the actual expenses of Crofton Heights and the projected expenses outlined in the current budget upon which the current assessments are based.