What governs the requirement for disclosing board member items valued over $15?

The requirement for disclosing board member items valued over $15 is governed by state law. In Nevada, there are specific regulations designed to promote transparency and accountability within community associations. State laws dictate the necessity for board members to disclose conflicts of interest, including any gifts or items of substantial value that could influence their decision-making. This regulation aims to protect the interests of community members and ensure that board members conduct themselves ethically while serving in their roles.

While community bylaws may contain provisions related to governance and transparency, it is the overarching state laws that establish the formal requirements for disclosure specifically regarding financial interests of board members. Similarly, the annual budget focuses on the community’s financial planning and does not address member disclosures. The board’s discretion would lead to inconsistency and potential ethical issues, as it lacks the rigidity and authority of state law. Therefore, state law is the correct governing factor for these disclosure requirements.