POA FINANCIALS

Started by JoeB18 • 3 replies • 943 views

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JoeB18 (Georgia)
Posts: 31

Posted:

How often should the BOD of a POA be releasing Financials against the budget? Right now all we have been given is the 2016 up to 5/2016 and not the full year view. Is this customary? We as homeowners have no clue financially how we are doing in 2017 as we have been given no information.

Background info: The BOD is composed of non neighborhood residents selected by the Developer. We do have a management Company but they do very little for us and charge us $20k a year. We are around 225 homes right now and expected to grow to 500 in a couple of years.

Appreciate the help

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Joe

Typically corporations are obligated to prepare an Annual Financial Report and little else.

I assume you are under Declarant control so other then the Annual Report, you will get only what they want you to see.

JoeB18 (Georgia)
Posts: 31

Posted:

We don't even get an annual report right now. My only concern is that we pay yearly dues and I want to ensure
That our funds are being used for our expenses and not the developers slush fund we are also running in the negative
which is t good.

JoeB18 (Georgia)
Posts: 31

Posted:

Is it your common for a 3 year old POA run by the Developer and other
non resident members to have a line of credit with a large yearly interest expense? Just doesn't seem right to me.

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