Distribute Financial Information

Started by CharlesM2 • 3 replies • 1526 views

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CharlesM2 (Massachusetts)
Posts: 16

Posted:

How often should financial information be distributed to homeowners? Yearly, Quarterly, Monthly, never? And I define financial information as a Balance Sheet, P&L, Statement of Cash Flows, etc.

JoeW1 (New York)
Posts: 728

Posted:

CharlesM2 - financial information in the way you describe should always be on file and available to owners upon request. distribution in written form in my hoa is annual. the financials are reported once every month at each open meeting in our treasurer's report.

CharlesM2 (Massachusetts)
Posts: 16

Posted:

Thanks Joe. I appreciate the information. Our HOA is run very loosely and I'm trying to setup more structure. Thanks for the info.

RogerB (Colorado)
Posts: 5,067

Posted:

Charles, on the first or second day of each month we provide the previous months financials to all Board members and other homeowners who request them. They are sent by email attachment of a Balance Sheet, Income Statement, Cash Flow/Budget chart and a written total net A/R amount. Otherwise the owners receive financial information either upon request or every year.

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