Is Sharing Bank Statements Required?

Hello,

Was hoping for some helpful feedback in this community. Is it required by the HOA to share bank statements with HOA homeowners and HOA homeowners who have past due invoices for late fees? We live in California. Thank you

Whose bank statements - the association or those of delinquent homeowners?

Check your documents to see what association records homeowners are entitled to - you probably aren't entitled to look at the account statements or ledgers of other homeowners due to privacy and debt collection laws. You may be able to get a copy of the association's bank statement, but that's not going to give you specifics on who paid what and when. The main thing homeowners should know is that the board is taking appropriate action on late payers, which can range from changing late fees to turning the account over to the association attorney for collection. Your community should already have a payment policy all homeowners should receive that describes what will happen and when.

Yes.I do not understand what this second part is asking. Please consider re-phrasing.

Hi Shelia,
Thank you for your reply. Asking about the actual monthly Bank Statements of the HOA Account. I am currently the HOA Pres (new at this) for a very small HOA (3 homeowners), and one homeowner who has multiple late fees past due for paying HOA dues late, is saying its her right to see the Bank Statements. I dont want to share the actual bank statements with her if I dont have to

Hi Ellen,
Thank you for your reply. Asking about the actual monthly Bank Statements of the HOA Account. I am currently the HOA Pres (new at this) for a very small HOA (3 homeowners), and one homeowner who has multiple late fees paying HOA dues late, is saying its her right to see the Bank Statements. I dont want to share the actual bank statements with her if I dont have to

Do you have an accountant or is this self managed? Yes, you do have to hand over the Bank statements per written request. You may redact some account information like account #'s. It is the amount being paid and collected that is the most important. We try to keep it do lot #'s but your HOA is so small that would be impossible.

Your dealing with a "passive aggressive" person who wants to hold their payments hostage to do their bidding. Don't fall for it. Put in a collections policy ASAP that works for your HOA. Our policy was 6 months behind we liened 1 year behind we CONSIDERED foreclosure. A lawsuit is a bad and expensive idea.

A HOA runs a bit different than your home budget. It is a corporation. The HOA money is NOT your money. It is EVERY member's money. Repeat that often. It's like leaving your checkbook on your dining room table for ALL your family to see. Expect the kids to want the newest video game and the spouse a vacation. However, the house needs a new roof... That is the scope of the budget view...

I agree. Any member/owner should be allowed to see them.