YES, it should be revealed in a certified resale package

The loan will be shown on the balance sheet of the financial statement. The financial statement should be included in the disclosure statement, or resale package, whatever it is called in your state. 
 
BTW, I have a real problem with HOAs getting loans. IMO, it's an indication of poor financial management. The same with a line of credit. I'm also not fond of special assessments which also means poor financial planning. An adequate reserve fund and a cushion in the operating account will negate the need for all of these.

mount vernon towers sandy springs ass 
bought a property for 4,3 millions 
is this legaal? 
i think they are NAZIS

Mary, loans can be a good tool in financial planning. Associations may encounter totally unexpected large expenses that were not factored in the best reserve planning. Sometimes a special assessment is necessary as in the Maryland/DC area with the snow storms two years ago and in areas hit by tornados and earthquakes. Natural disasters such as hurricanes can cause budget challenges that are best met by a special assessment or a loan. The Federal Govn't does not provide Disaster Relief to associations for storm clean-up and repair as it does to communities and individual homeowners.  
 
With today's strain on homeowners, especially senior citizens and those who are struggling to maintain their home, a loan well documented and planned can save an association from other strains. Many older condos today are facing structural deterioration that was not expected - such as concrete balcony failure or a combination of unexpected mechanical plant failures. Reserves are a necessary part of all association financial planning. However the current mortgage crisis has affected many condos and HOAs and income is severely impacted.  
 
Attending meetings, reading the reports prepared by specialists, voting for effective board members - all of these will help homeowners know when an association is making sound reasonable financial decisions.  

Bravo, Nancy, in your response to Mary! Yours is a great summary of the many problems that can hit an HOA outside of the reserve study. In CA, for example, a component is to be included in the reserve study if its useful life is less than 30 years AND that component can be inspected visually, i.e., components requiring destructive testing to determine their useful lives are excluded from the reserve study. 
 
We "split the baby" as follows: I prepare a preliminary draft of the budget each October, distribute to the HOA, and then we meet to discuss it as neighbors. The operating budget is what it is: the cost of managing the building on a daily basis. Anyone who thinks that we are paying too much for a particular service has the right to solicit bids from other providers, then report their findings to the board. If there is a better option, we change vendors. The reserve budget is what we want it to be as a community after considering projected capital repairs in the next two years. We decide as a community how much we want to contribute to the reserve account, and then each owner's monthly fee is computed. This process eliminates hurt feelings as everyone has the opportunity to decide what the fee for next year should be, and if the reserves are underfunded, it's not the board's fault, but the owners'.

I'm sorry Larry, but when I was reading your post, I heard "Kum bay ya" being sung in the background. As a board member, I try to include our community through transparency and communication. At least in FL, the potential lenders (or FHA certification) would not tolerate the community deciding what they want in the reserves (unless it's 10% of the budget, but then it still has to be supported by the most recent reserve study.) I disagree with your last sentence. With a board member's fiduciary responsibility mandated by state statute, that's not something we can pass on to either the community or to our manager. I do like your idea of allowing folks who feel too much is being paid for a service to research it. However, do you ever have five or ten different owners "soliciting bids" for a service? I believe I would put them on a committee appointed by the board and given the authority to research alternatives and report back to the board with the committee's recommendation for the board to vote on. Just my two cents, and you can add the change to your underfunded reserve fund since the going rate is only a penny for my thoughts. "Someone's laughing, my Lord, kum bay ya; Someone's laughing, my Lord, kum bay ya; Someone's laughing, my Lord, kum bay ya, O Lord, kum bay ya."

Carol, your issues and problems are specific to Florida. It seems as if you are handcuffed by state laws and not permitted to determine what is best for your HOA - the Great White Father in Tallahassee knows exactly what is best for you. For the rest of us, we still have the ability to manage our associations and finances in a way that we believe serves the best interests of our respective communities. In our case, we are responsible adults who are capable of determining what amount to contribute to reserves.