Annual Report for Home Owners

Started by SondraT • 2 replies • 1947 views

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SondraT (North Carolina)
Posts: 1

Posted:

Hi: Our HOA is in NC. We have a newly elected President. The former President was the developer/land owner and current home owner. We should be collecting close to 30K annual ($300 ann x 100 homes) the homeowners have no idea where the money has been spent previously or currently. We are requesting from the Board an annual financial report does the board have to comply? Thanks for any help!

RogerB (Colorado)
Posts: 5,067

Posted:

Sondra, you have the right to inspect the records of the HOA upon request. Also, the owners should get a copy of the annual budget. They can also vote at a members meeting, such as the annual meeting, to have financial reports provided to owners on a periodic basis and the Board should, but may not be required to, comply with any motion approved by the members.

JohnM3 (Florida)
Posts: 288

Posted:

Checck your docs througly look for hidden loop holes and have your board join the CAI to learn how to runa assoc.

Good luck

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