HOA not providing financial documents.

I need advice about my HOA in 15 years our HOA has never given us “homeowners” a bank statement or even have “balance sheets” which is required by law.

“Under Georgia Code Section 14-3-1602; and financial statements furnished for the past three years under Code Section 14-3-1620;”

I have repeatedly send emails requesting for three years of financial documents. He has not done anything besides bullying homeowners “building number two and three” by calling us stupid and delusional is there anything that I can do? The financial sheet that he prints out that he makes himself does not add up it seems like there’s a lot of money missing.
We have three condo buildings with 7 to 8 units in each building, building number one is very active with HOA the “HOA which is the manager plus a treasure holder” gets a month ahead votes before the meeting from everybody from building number one so by the time the meeting comes he already knows what is going to be, he is very friendly with them by goes and drinks with them & dose a lot of socializing. Building number two and three are not active with the HOA they just go along from what building number one does.

Anya

Typically a "open ended" request like 3 years of financial docs will get ignored as a "witch hunt". I suggest you ask for something specific such as a P&L Statement, Year End Summary, etc. You are more likely to get them.

As an example, our monthly financial docs are over 30 pages long and contain information that is none of your business.

HOA has provided two months at one time and that was half of a page or less so why is it 30 pages?

The bank statement shows all of that as well just in one page & that’s two months. I’m guessing you live in bigger community, we only have 3 buildings with 23 units.

We are 112 standalone patio homes with a budget of about $90K. The reports are from our MC who handles all our money. I believe they use an industry standard reporting program but I cannot remember the name. Hence the 30 page monthly reports.

Hi Anya,

Typically, you have a right to review the financials (minus lot payment for lots other then your own).
You typically do not have a right to have copies provided to you.

My suggestion, send a written, certified, request to review the financials.
Cite applicable sections of the governing documents and applicable sections of statutes.
A day or two later, send a copy to every board member.

This provides documentation that you properly submitted a request if things have to go further.

Per Article/Section of the Bylaws and Article/Section of [statute]. I am requesting to review the financials of the Association.
I would specifically like to review the following: Bank Statements, check register, etc.

Now you made me look. Our Monthly Financial is over 40 pages long:

1 page Balance Sheet
3 page Income Statement, Income and Payments compared to Budget.
2 page Delinquency Report, Name and Amounts (withheld from all except BOD Members)
17 page Income Ledger, Owner Name and Amount Paid
7 page Aging Applied
3 page Bank Reconciliation

All above sent Monthly to each BOD Member.

All above except Delinquency Report will be sent, within 24 hours, to any owner requesting such. We kill them with paperwork......LOL

Typically what owners want is Balance Sheet and Income Statement, 4 pages. This is what is handed out and openly discussed at our Annual Meeting.

Anya

You sound like a very small HOA. Was there an annual budget passed by the board? That would explain where your money is planned to go throughout the year. If there is no plan for “ landscaping services” then no wonder that does not get done and must rely on Volunteers to plant flowers.

There should be no building A, building B, and building C. It is all one plan.

Start with your budget first.

Is the HOA owner owned or is the developer still the owner?

HOA “is one person” he is the owner, the president and treasurer. I am thinking I might get a company to come and give me estimate on landscaping because we do not have grass in the front we only have mulch in the front that gets added on every 3 years, in the back small section of grass only behind building 2 the rest is concrete. Now the other thing I noticed we’re paying $11,000 to the insurance know our home association only covers the roof, break of the building and landscaping but on the insurance is states clearly that they cover a lot more including robbery of jewelry and other belongings it’s very detailed on so much they cover that’s not in covenants documents. The roof Has only been replace on building number 1 which where the HOA leaves at, building number 2 and 3 have not had replacement of the roof since the buildings were built in 15 years there are homeowners ceilings falling apart from the roof not being maintain just about a month ago 79 year old lady in building number three her ceiling fell through, he did come personally and repair her ceiling. The HOA told us that he’s going to put the coding over the roof and start saving money up by raising are dues & be replacing it another 10 years.

That is why I asked if they were still owned by the Developer. It sounds like it in the posts. Could be wrong but if they are still not owner owned, then it explains not being able to see the financials. Like Tim said, VIEW is different than being provided copies. You may have to pay for copies.

Anya,

Not making sense.

Is the development still owned by the developer?

On a business license that I found on the government website it says “Domestic Nonprofit Corporation”

The developer that created this covenants went out of business after two years of development then this man comes along and takes over.

Yep. That sounds like your HOA is still developer controlled. Your just a "shareholder" paying dues.

https://share.icloud.com/photos/0dcYDl2AIBYfUtnb-5iMJG0dA#Canton

Look up this corporation by its name under your state’s corporate listings. It will tell you all of the officers of the corporation.