Get 2 months of free community web site hosting from Community123.com!
Thursday, November 15, 2018
Get 2 months of free community web site hosting from Community123.com!


SBCA: Free education for HOAs and condos on satellite placement issues.
(National Trade Organization)
Helping HOAs, condos and property managers with satellite placement issues since 1986.
Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.
Subject: HOA financials not approved for over 1 year
Prev Next
Please login to post a reply (click Member Login on the menu).
Author Messages
SS11
(Arizona)

Posts:7


02/14/2018 4:06 PM  
It is now Feb 2018 and I have not received the financials for 2017. I have requested them 2 times and our property manager just says the board has not approved them yet.
I was on the board a few years ago and we always approved them timely.
Is this right for someone to withhold this information? People want to know where their monthly HOA fees and special assessments are going to.
GuyS
(Arizona)

Posts:19


02/14/2018 10:21 PM  
There could be many reasons the financials are not available yet--some valid and reasonable, some not. The Board should be able to tell you why they are not available, especially if past practice was to have them available by now. If the Board has not approved the financials, then I think the MC is right in not distributing them as they are still draft documents.
SueW6
(Michigan)

Posts:325


02/15/2018 9:09 AM  
Boards 'accept" monthly financial reports for the record.

Members "approve" the financial report at the Annual Meeting.

They should have had the financial report ready for the Annual Meeting.
JohnC46
(South Carolina)

Posts:7820


02/15/2018 9:28 AM  
Typically financials should be available by the middle of the month for the prior month also in mid-January for the year end. I do not understand the need for the BOD to"accept" them as they are what they are.

While not defending your MC, we are having a similar issue. Our MC had staff changes plus they switched to a new computer systems and a new collection system the first of the year. We have yet to get our 2017 Year End. Our MC has tripped all over themselves apologizing and assure me they are only a few days from correcting the issue. While I am not happy it is what it is.


KerryL1
(California)

Posts:5852


02/15/2018 12:37 PM  
Maybe "members approve the [year end?] financial report at the annual Meeting" in your state, Sue. But that's not the case in CA and perhaps other states, too.
KerryL1
(California)

Posts:5852


02/15/2018 12:37 PM  
Maybe "members approve the [year end?] financial report at the annual Meeting" in your state, Sue. But that's not the case in CA and perhaps other states, too.
JohnC46
(South Carolina)

Posts:7820


02/15/2018 4:13 PM  
In SC we must present Year End Financials (we do so at our Annual Meeting in April) and there might be questions but there is no vote needed to accept them. They are what they are.

We also present the years budget at our Annual Meeting (yes we have been operating under it for some 4 months prior to the Annual Meeting) and there is a vote to accept it. Acceptance has always unanimous as we have never had a dues increase and that is really all people care about when it comes to budget. If no dues increase, the rest is just noise to most.

An aside. Our BOD can raise the dues (I say dues, not a Special Assessment) as much as we jolly want to but there is a procedure if dues are raised.

1. The Budget must be presented to all owners (via US Mail) on or before 12/01 for the upcoming year.

2. Owners have 30 days to call a Special Meeting to disapprove the presented budget. They can call this meeting with 10% of the owners agreeing.

3. 51% of all (I say all) owners must disapprove the new budget. If 51% of all owners do not disapprove it, it becomes effective the following 01/01.

I repeat, 51% of all owners must reject the new budget. Not just 51% of the owners at the Special Meeting but 51% of all owners. If you do not get this, reread it. This is an example of where many misunderstand things. Yes 10% of owners (in our case 12 of 112) can call the Special Meeting but 51% (in our case 57 of 112) of all owners need to agree to disapprove it. If less then 51% (in our case 56 or less) disapprove it, it is approved. Am I making myself clear....LOL

SueW6
(Michigan)

Posts:325


02/17/2018 6:40 AM  
Our small homeowner association:

Financial report is "accepted" for the record and included in the minutes of each monthly meeting.

At the Annual Meeting the financials are "approved" by the Members, since they have been audited or received an "audit review" from an outside source.

Please login to post a reply (click Member Login on the menu).
Forums > Homeowner Association > HOA Discussions > HOA financials not approved for over 1 year



Get 2 months of free community web site hosting from Community123.com!



News Articles Provided by: Community Associations Network
News, articles and blogs about condos/HOA's

Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.







General Legal Notice:  The content of forum messages are from the posting member and have not been reviewed nor endorsed by HOATalk.com.  Messages posted by HOATalk or other members are for informational purposes only, are not legal or professional advice and do not constitute an attorney-client relationship.  Readers should not act upon this information without seeking professional counsel.  HOATalk is not a licensed attorney, CPA, tax advisor, financial advisor or any other licensed professional.  HOATalk accepts ads from sponsors but does not verify sponsor qualifications nor endorse/guarantee any sponsor's product or service.
HindmanSanchez Legal Notice:  (For messages posted by HindmanSanchez) This message has been prepared by HindmanSanchez for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Members of HOATalk.com should not act on this information without seeking professional counsel. Please do not send us confidential information unless you speak with one of our attorneys and get authorization to send that information to us. If you wish to initiate possible representation, please contact an attorney in our firm. Our attorneys are licensed to practice law in the state of Colorado only.

Legal Notice For Messages Posted by Sponsoring Attorneys: This message has been prepared by the sponsoring attorney for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Readers of HOATalk.com should not act on this information without seeking professional counsel. Please do not send any sponsoring attorney confidential information unless you speak with the sponsoring attorney or an attorney from the sponsoring attorney’s firm and get authorization to send that information to them. If you wish to initiate possible representation, please contact an attorney in the firm of the sponsoring attorney. Sponsoring attorneys that post messages here are licensed to practice law in a specific state or states as indicated in their message signature or sponsor’s profile page. (NOTE: A ‘sponsoring attorney’ is an attorney that is a HOATalk.com official sponsor and is identified as such in the posted message or on our sponsor page.)

Copyright HOA Talk.com, A Service of Community123 LLC ( Homeowners Association Discussions )   Terms Of Use  Privacy Statement