Condo Association Management Blog

Does condo association really need financial audit?

Posted on Tue, Apr 27, 2010 @ 07:23 AM

HOA auditAt our 2008 annual condo association meeting, the membership voted to have a "full" audit conducted for the 2008 year and put aside $6,000 for it. At our 2009 annual meeting, there was no vote regarding a full audit but $6,000 was budgeted for it. The current Condo Board doesn't feel that a full audit is necessary since the membership did not specifically vote for it, just a "review" is required.

Is the Condo Board required to have a full audit of the books since it was budgeted?  Many of the membership want a full audit. Help?

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Tags: Budgets & Finance