RobertD1 (California)
Posts: 4
Posts: 4
Posted:
In the state of CA, does the HOA budget have to be approved by the Board of Directors or does the President of the Association have the ability to approve it alone?
Thank you
Thank you
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Budget Approval
Started by RobertD1 • 4 replies • 2051 views
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SwanB (Washington)
Posts: 199
Posts: 199
Posted:
You would have to check with the statutes of CA state...I bet you knew someone was going to say that, didn't you?
In WA state, the association members must ratify the budget.
In WA state, the association members must ratify the budget.
RogerB (Colorado)
Posts: 5,067
Posts: 5,067
Posted:
The President never has the authority to approve the budget. For the HOAs we manage the Managing Agent prepares the budget; Board modifies as they desire and approve the budget; then members ratify it at the annaul meeting; and if the members don't ratify it then the Board must prepare and present another budget.
RobertD1 (California)
Posts: 4
Posts: 4
Posted:
Thank you for your help and information.
BobM (California)
Posts: 3
Posts: 3
Posted:
would the davis sterling act or any other law require the annual budget be approved by the membership of the hoa? Bob M.
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