Financial Reports
Hello Dennis
I am wondering if you have any plans to introduce legislation that will require Planned Community HOA’s to provide a full financial record to its members similarly to the way meeting agendas are provided. Our association has developed (re-developed) the habit of making the financial reports available only upon request. Many months ago, a resident requested that the reports be included with the meeting reminder; the Management Company complied with that request for a good period of time; over the last 6 months, their provision has been sporadic; the last 3, non-existent. This is frustrating on many level, not to mention exhausting! I can’t imagine ours is the only association practicing in this way so it would be nice if there was some level of requirement that would make the reports more readily available.
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Rhonda,
Not likely ever. You have a right to access of those records on request, it is a totally different thing to mandate that these communities provide those reports to everyone. I will say that many associations already do this voluntarily by posting those reports on their secure web sites monthly. It is totally unlikely that we would ever get a bill passed that mandated all associations to provide information to everyone that did not care if they got that information or not. Somebody would have to pay for that and as with everything in an HOA the homeowners, pay for everything and I will never support any legislation that requires the homeowner to pay more money for something that they don’t need or want.
Dennis