NRS 116 requires bids for projects exceeding which amount?

NRS 116 establishes guidelines for community managers in Nevada, particularly regarding the procurement process for projects. The statute specifies that bids are required for projects that exceed a financial threshold of $5,000. This ensures transparency and encourages competition among contractors, ultimately benefiting the community by enabling managers to secure quality services and competitive pricing.

Projects exceeding this amount necessitate a formal bidding process to uphold ethical standards and accountability within the management of common-interest communities. This regulation reflects the importance placed on fiscal responsibility and the community’s right to have a say in significant expenditures.

Understanding this threshold helps community managers adhere to legal requirements and maintain the integrity of the financial decision-making process within their associations.