Treasurer's report

Started by CarolG8 • 8 replies • 1896 views

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CarolG8 (Delaware)
Posts: 2

Posted:

Several members of the HOA have requested a treasurer's report. The response is that if you want to see it, you can come to my house anytime and review it. At the last annual meeting, no report was prepared and no budget was presented, no balance was provided. Should the membership have received the treasurer's report in the mail since the information per the bylaws is to be reported?

Thanks

SusanW1 (Michigan)
Posts: 5,202

Posted:

The HOA is REQUIRED to provide the financial report to the Members. If that was not done at the Annual Meeting (WHY not, BTW??) then you should make copies and have them ready to hand out to any member who requests it.

No appointment should be needed - just have them ready to be distrubuted.

The board could be in a heap of trouble by withholding this report from the Members.

MelissaP1 (Alabama)
Posts: 13,836

Posted:

If you send it by mail, it's another expense on the HOA. Having the documentation open for viewing upon request is the best route. The HOA may charge for copies if an owner would like a copy.

A HOA is only funded by it's owners for it's owners. Mailing sounds like a good idea until you realize the amount postage can rack up in a month...Who isn't going to view the report and see the place for "Postage" and question why it's so high? It's a trim the fat item...

Former HOA President

CarolG8 (Delaware)
Posts: 2

Posted:

Thanks for the feedback. I am actually not the treasurer, but am trying to get an election scheduled since there wasn't a quorum either at the meeting to do business...lots of issues in my opinion that need to be looked at, but BOD seems to be making it difficult to see what has been discusses at BOD meetings, expenditures etc. Anyway, thanks for listening.

SusanW1 (Michigan)
Posts: 5,202

Posted:

Our end-of-year report is sent with the announcement of the annual meeting with the agenda attached. Everyone has the financial report ahead of time so questions can be asked.

At your NEXT attempt to schedule an annual meeting (which needs a written notice to every member)send the treasurer's report.

This issue is too important to worry about mailing costs.

TimB4 (Tennessee)
Posts: 21,062

Posted:

Carol,

I could find nothing within Delaware Corporate Code or within the Delaware Unit Properties Act that required a financial report/budget to be prepared and presented to the membership. Therefore, it will depend on what your own governing documents specify about any such requirement. However, I could have missed something.

That said, not providing a report isn't good practice as it can cause mistrust within the membership. Per your posting, the Treasurer is willing to allow the books to be inspected and answer any questions. It just appears that they don't want to go through the process of preparing the report. This could be because of time limitations or a lack of knowledge on how to prepare such a report.

Irregardless of the reasons, my personal opinion would be if the Board isn't providing the reports, the board should be replaced.

BonnieG1 (Nebraska)
Posts: 1,186

Posted:

Our documents require that we mail the annual treasurer's report.

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Quote:

At the last annual meeting, no report was prepared and no budget was presented, no balance was provided.

Something is seriously wrong. Its time to replace that person.

BradP (Kansas)
Posts: 2,640

Posted:

Carol

to answer your question the membership should have received and should have an opportunity to view. Might also want to check your state laws, Kansas now has a law that says we must have documents available during the hours of 8-5 pm monday through friday to view, not real convenient for the volunteer person with a real job!

Can you email the report out? We are trying to capture as many emails as possible for situations like this to avoid mailing costs.

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