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In almost every state, there are specific, detailed laws that govern HOAs, and particularly their financial records. Although the laws and their requirements vary by state, generally HOAs must perform various tasks with respect to their finances, including:
In some states, the HOA must provide these financial documents to the owners/members within a certain period of time and without being asked. Often, they will be posted in a common area, like a recreation room or facility, or it's common for HOAs to have their own Web site where these materials can be posted. In some states, however, the HOA has to provide these financial materials only when an owner makes a written request for them. So, be certain to check the laws in your area if you're trying to obtain financial records from your HOA.
Tags: Finance, Condo Docs
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