Is a member allowed to see financial info

Started by BillyS1 • 11 replies • 1765 views

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BillyS1 (Missouri)
Posts: 4

Posted:

I live in a hoa in Springfield Missouri. I contacted the president about some financial questions and she told me I have no right to the info and by law she can't. I am in other types of assoc. that I pay dues to and if I want to see the financial books they hand them over. I'm pretty sure I'm right but don't have the money for a lawyer to prove her wrong because I'm layed off. If anyone knows of statutes that can prove it I would appreciate it. Thanks Billy

JeffR7 (California)
Posts: 251

Posted:

Yes you have the right to see it. Search your state corporate act where it talks about non profit corporations. An association is formed and funded by its members for the benefit of members.

BillyS1 (Missouri)
Posts: 4

Posted:

What all info am I allowed to normally see. I would like to see expendetures and receipts for the last year.

BradP (Kansas)
Posts: 2,640

Posted:

Billy

you have a right to see everything except each homeowner's account. you should be able to see bank statements, etc. Not sure if Missouri has laws on it yet but Kansas all that is spelled out in our state statutes.

GlenL (Ohio)
Posts: 5,491

Posted:

Billy, go to: http://www.moga.mo.gov/STATUTES/C355.HTM

And check out sections: 355.821, 355.826, 355.831, 355.836 and 355.846 see if those help you.

Studies show that 5 out of 4 people have problems with fractions

MelissaP1 (Alabama)
Posts: 13,836

Posted:

The best piece of advice I ever received as President of my HOA was this...The money of the HOA is NOT YOUR money. It is EVERY member's money. Your job as President and the BOD is to manage that money on the behalf of the majority of the membership. The checkbook of the HOA should remain open for all to see that are members. The actual collections of individuals homeowner's shouldn't be revealed except for your own account. A general collections report of all receipt should be available though but individual details removed.

I think this piece of information should be discussed at your next BOD meeting of which you should attend. NOT just call the President by phone or other board members... Attend the meeting if you want to know what is going on and be involved. A phone call to me is a sign of lack of action on your part as it's a group effort in a HOA NOT an individual one. GO TO THE MEETINGS!!! No lawyer is really ever needed in a HOA because it is supposed to be managed by it's members for it's members and the rules are already written on how to resolute issues...If the HOA understands what it is and how to do things...

Former HOA President

BradP (Kansas)
Posts: 2,640

Posted:

I don't know how other states operate but here we do NOT have to attend meetings to see any HOA information. I agree the member should try to attend meetings but as you go through the days of the week there are potential conflicts for different groups of people and sometimes you just can't do this. The fact that this member wants to look at financials should be taken as a sign of involvement and thumbing your nose at him cause he didn't go to a meeting is exactly why HOA's are such a hated entity.

BillyS1 (Missouri)
Posts: 4

Posted:

I might have gone to the meeting if we ever had notification. I am guilty of not getting involved but we have not had elections in probably four years because the president is a power hungry lady. So thanks for all the info and to the lady that was a president of her assoc. how much did u spend a year on management expenses. I mean like paper, stamps, ink, stuff like that because ours seems high for our hoa.

MelissaP1 (Alabama)
Posts: 13,836

Posted:

It's not cheap. You not buying on an indidual level. Our ledger alone cost us about $500 or more for writing checks. (We have a 2 signature system). Copies, paper, envelopes, stamps, and normal office supplies could be about a thousand a year or more. We also had to supply cleaning supplies, toilet paper, paper towels, and other supplies to our clubhouse. I would say depending on your HOA an easy 1 - 2 grand a year on supplies alone if not more. That's being conservative...

Former HOA President

BillyS1 (Missouri)
Posts: 4

Posted:

We have two water retention pond that we own and that is it. She has insurance a separate line price and mowing a separate price and then has somewhere around 2800 for management expenses. We have less than 100 home in subdivision and we maybe get 2 or 3 mailings a year that is passed out by hand so no stamps needed.

BradP (Kansas)
Posts: 2,640

Posted:

Billy

unless you are paying a management company that is almost double what we spend and we are a larger community.

BonnieG1 (Nebraska)
Posts: 1,186

Posted:

I thought every owner was allowed to see financials. But since we started prior to 1984 there is no law that I can find that allows any owner to see the financials. I do think it is a good idea to provide financial information to any owner that asks for it.
We do have to provide an annual financial statement.

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