Non-compliant Management Co.

I'm sorry but the MC works for the Board. The Board pays their fee.

So I would think in many cases if the Board President requested records and information and these requests were not met. Well, there would be hell to pay. To be blunt.

Where are all the former Board members? Has your property done an audit in the past? Maybe you might have other sources of information.

Do you have a copy of the contract with the MC? Perhaps you need to read it yourself to see how or why you are tied to them for years. There could be an escape clause for either party with notice. Who signed the contract? Is it signed?

IF the decision is made to replace the MC please understand once they become aware of this action their level of compliance might drop from ZERO today to less than ZERO as punishment for ending their services.

Before you jump to conclusions about what has transpired I would gather facts not gossip and suspicions.

Good luck.

M,

Good info from Jon and Tim!

There is no reason why the board cannot contact a CPA to perform an audit especially if one has not been done in recent years. You might mention to the CPA that the PM has been reluctant to produce financial statements which has caused you to wonder if something might be wrong.

If the PM is not providing info that you have asked for you should contact the management co and inform the Pres (or whomever is in charge) that you are not pleased with the services of the PM. They can, and should, assign a new PM to your assn. If they refuse then it may be time to determine if the contract can be cancelled.

As Jon and Tim have advised, it's imperative for you to review the mgmt contract so you know exactly what the requirements of the PM are. However, I would be very surprised to learn that they are not required to provide monthly financial statements. Also check out the termination clause -- with cause and without cause. If the PM is not performing his/her job you may be able to terminate immediately with cause. In the meantime you should be checking other mgmt co's to shorten the gap between co's should you decide to terminate this contract.

after reviewing our governing documents, it states that we must have an annual audit. We have yet to see those reports. We are not going on gossip, nor suspicion. They are just failing to produce some of the requested documents without an explanation. It's like they are picking an choosing what we can get. They claim that they take care of the auditing and accounting, it looks like they also take care of the lawyer. I asked to speak to the attorney and they wanted me to do a conference call with my members. It was until we got tough that they agreed that the attorney would meet with us in person. We just have a lot of questions and very little answers. Not to mention after speaking to some of the people that are delinquent we are being told by majority that when they contacted the PM, she never returned their calls and when she finally did. They wouldnt agree to a payment plan. Not for nothing we are all in agreement it's best to get something than nothing.