Association's Finances

Is the BOD obligated to share and divulge total monthly dues and expenses it incurs e.g., total association fees received and exactly what amounts are being allocated into separate reserve accounts, if any homeowners ask for this information at a monthly meeting? I have found no reference to this in any of our governing documents. Thanks. -ReneeD

ReneeD,

Association's are responsible to account for and keep records of every transaction that occurs, all monies generated, and expesed, all monies invested, etc.

Typically, association's are to provide an annual budget detailing revenue, line item expenses, actual expenses vs. YTD budgeted, etc.

Typically, If an owner provides a written request to review the detailed books stating time, and place of review, the association must comply. After all, it's their money being spent as well as yours.

So my question is, why would an association not want to divulge all information it can to the owners. Unless of course there was something to hide. Even if the owner's request is unprecedented, not divulging the info will give the appearance of guilt.

My recommendation is to accomodate the owners request, make the owner aware of the process to request an accounting review, their need to comply, and the association's desire to divulge.

Best of luck!!
GeraldT1
NNj

Thank you all for your responses. What I am interested in is knowing how much income is received, total bills paid for month and total amounts for each reserves each month. Over the course of the past year, I've emailed my request to the Management Company who then should forward my request to the Board but to my knowledge they don't. I am not asking for copies to be made rather to just review this (current)information at the Board Meeitings that are open to homeowners as well every other month. Each and every time my request has been 1) ignored or, 2) Management is the bottleneck and says that they will charge me $50 per hour in addition to copying costs--I've been told is $1.00 per sheet-- which to me is highway robbery! Obviously, I do not agree to this; therefore they are not forwarding my request to the Board! So, I figured I could ask at the meeting and they always tell me they don't carry that much information on them. But at the meeting the treasurer reports only Total Cash Assets. What else can I do? -ReneeD

Thanks, for your suggestion. I will need it. -ReneeD

Gerald,

Hope you have some MORE suggestions....I am being sent through a vicious cycle as the BOD does not retain file copies and (again) need to direct my request to the PM firm. It is beginning to look like if you are not a part of the "in" crowd no information is given out. And, 3/4's of this community seem not to mind; again, if it doesn't affect their pockets, they don't care who's on the board and who manages this place. On top of that(for now) I'm feeling a bit down 'cause I didn't garner enough votes to get elected---guess I didn't campaign enough. -ReneeD