What term describes a document that may change throughout the fiscal year as needed?

A living document is characterized by its ability to be updated and adapted as necessary throughout the fiscal year. This flexibility allows organizations to reflect changes in policies, procedures, regulations, or other critical information that may shift over time. Unlike static documents, which remain fixed and unchanging, a living document is actively revised to remain relevant and useful.

In the context of condominium management, a living document might include documents such as operational plans, budgets, or policy manuals, which can evolve based on financial needs, community feedback, or changes in law. Creating and utilizing living documents ensures that management can respond effectively to new challenges and stakeholder requirements, promoting better governance and decision-making.

Other options such as static documents, annual reports, and operational manuals have more defined roles with less likelihood to change regularly, making them less suitable for situations requiring adaptability throughout the year.