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By stephen polinsky • September 14, 2010

What are the financial reporting requirements for condo associations?

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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