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What are the financial reporting requirements for condo associations?

Posted on Tue, Sep 14, 2010 @ 06:10 AM
  
  
  
  
condo association financialsI am one of the owners in a 11 unit condo association in the state of Delaware. We have 10 separate owners, as two units are owned by one individual. I have been told that there are new condo financial regulations relating to percentage of reserves, budgets, and most recently told that we need to have a balance sheet. We are a non- profit association and are incorporated. I am worried that if a unit were to be sold, our condo association would not have the proper documentation. I would be interested in knowing what these new regulations are and to whom it pertains. Who would you suggest I contact in order to obtain this information? Thank You

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Property Manager charging owners a fee to see financials

Posted on Wed, Dec 09, 2009 @ 05:52 AM
  
  
  
  
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Our property management company that manages our HOA, indicated that a homeowner, who wishes to view any financial/payable reports, can do so with a fee charged by the management company. To avoid this fee, can a homeowner request these documents from a board member? Does the board member have the right to reject a homeowner's request?

What rights do homeowners have regarding requests to view financial and payable records from an HOA board? If a homeowner requests to see the financial/payables reports from the HOA board, is this within the law?

Please advise. Thank you.

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