Annual Disclosures

Started by BettyO1 • 2 replies • 1081 views

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BettyO1 (California)
Posts: 104

Posted:

In CA, associations are required to circulate annual disclosures to homeowners 1 to 2 months before the start of the fiacal year. Is this simply to notify homeowners or do homeowners have the opportunity to provide input that might lead to changes in the budget, reserves?

TimB4 (Tennessee)
Posts: 21,047

Posted:

Based on what I'm reading on Davis-Stirling.com's Disclosure Checklist except for the budget, I don't see where input from the members would be required.

Membership participation in the budget process would be based on your governing documents. If the governing documents do not require membership approval of the budget, then I see nothing that would require membership input.

Typically members should be providing input at board meetings prior to the adoption of the policies and budget. The disclosure process is simply a reporting of the adopted items.

CarolR11 (Colorado)
Posts: 2,563

Posted:

Hi Betty, do go to the site that Tim provided. It's invaluable for all kinds of reasons.

And as Tim points out, unless your governing documents state otherwise, discuss the draft budget at an open board meeting at which homeowners can give input, ask questions etc.

Our fiscal year begins 1/1 so we begin the budget approval process at our October board meeting to make sure there's time to revise it and send out the next year's budget & the other required documents before 12/1.

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