Annual financial review and taxes

Started by SheilaR5 • 6 replies • 195 views

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SheilaR5 (California)
Posts: 42

Posted:

Our board president has been asking our property management for an update on the financial review and taxes. The property manager has been avoiding response and it looks like the deadline has passed. It appears they forgot to do this. Any advice on how to remedy this without firing yet another management company?

KerryL1 (California)
Posts: 14,550

Posted:

What "financial review?" The one that Boards in Calif. should review every month? Is that what 'dealing" means? I don't know what an "update on taxes" means?

Does your PM work for a mgmt. company (MC?) If so, a directors should be appointed to contact the MC nd demand answers.

JackS20 (North Carolina)
Posts: 271

Posted:

we had same issue, contract said the mgt company would provide annual review of finances, after months of asking they finally just emailed the december monthly statement again, saying that was their annual review. Give me a break. why would the contract mention a specific annual review if it was the same thing as the december monthly statement?

KerryL1 (California)
Posts: 14,550

Posted:

Sheila, ARE you talking about the Cali-required annual review of the Budget & Reserves??

DeanJ
Posts: 1,786

Posted:

What is a financial review? You should have monthly statements and an annual statement.

Management companies normally don’t prepare the HOA taxes. How about the board passing a resolution directing the management company on the contractor the board desires prepare the taxes.

SheilaR5 (California)
Posts: 42

Posted:

Yes, that is what I am talking about. Thank you

KerryL1 (California)
Posts: 14,550

Posted:

WHICH, Sheila? Monthly reviews that CA board are required to review monthly? ? Or the Annual Budget & Reserves Report?

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