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Posted By JimC24 on 03/07/2023 3:38 PM
If the HOA files as a business, you may find some information on the Secretary of State website. If they don't file as a business - then they are taking a lot of risk as individuals not having the protection of a corporate entity. This may help. I don't want to alarm you but I've seen first hand what can happen in a self managed condo. Managing a condo - at least my condo is a pretty thankless job and some people become apathetic. When there is not good transparency on the finances, some people will start to take advantage of situation. We had a treasurer was supporting his lifestyle and taking money from an ATM from the condo account at a casino. When I became Condo president - I asked for access to the account and he did everything he could to evade me. Eventually I got into the account - but it wasn't easy - everyone knew him and he came off as a likeable person where no one knew me. It took years to recover the funds. The good thing was he was letting people get away without paying dues. I don't know why - maybe he figured if he doesn't call them out for not paying maybe they won't check up on him. I say it's a good thing because we were able to recover the money before he squandered it. The Treasurer may be a bit of an outlier - most people won't directly steal the money from the account. But I was surprised on how many people would try to take advantage of the situation and just not pay dues if they weren't monitored closely. I found myself in the position where I was sometimes chasing my neighbors around asking them to pay back condo dues. That did not make me the most popular person at the condo. The moral of the story is that it is often less expensive to have a disinterested third party managing the condo instead of a self managed condo. Also - it doesn't sound like there is much transparency at your condo and that is never a good thing. I wouldn't give up - it may take a while to get the documents you are seeking. Our treasurer actually forged documents to get me off the trail - but the account items on the financial statements did not add to the totals. The people at the bank we astonished when they compared the documents he gave me (that were photoshopped) with the originals.
Wow, what you went through is insane! I agree with you, transparency is essential. I did obtain pertinent information on the board through the Division of Corporations, which is where I found out they lost two board members 🙄. It looks like my neighbors didn’t receive an invoice either, at this point I think I would prefer dealing with a MC, even if it would cost a little more.
Thanks for the info, and I’m glad you got your situation under control.