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By CondoAssociation.com • June 30, 2017

Condo association financial statements may be incorrect

At our condo's recent annual meeting, monies that are in the Condo's Operating Fund and in its Replacement Reserves weren't identified in our Treasurer's Report. Instead all that was identified was how much money was in the Condo's Checking Account and in its Savings Account, and how much is in a separate Pier Fund into which a certain number of unit owners who have sole use of our piers contribute monthly assessments.

My understanding is the Condo has only two Bank accounts.

I have a gut feeling that something is wrong with this - accounting-wise and possibly legal-wise but cannot put my finger on what it is.

All I know is that one doesn't know what amounts are in either the Operating Fund or in the Replacement Fund, and I fear that everything is being intermingled.

I brought this up at the annual meeting but received no comments or interest.

What can be going on?"

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.

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