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Subject: Forcing an Audit
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Author Messages
VirginiaM
(New York)

Posts:23


08/25/2006 7:49 AM  
Our POA Board has never issued any financial statements besides a budget. There are several people in the Assn. who are concerned that the BOD does not provide any signed statements regarding the finances/actual spending of the Assn. Because the annual collection amount is not all that much (less than $20K)the majority could not be bothered with it.

There are several members who have, at Assn meetings, requested an audit and in response the Treasurer offered to give them a copy of the checkbook - to prove what checks were written but he never has. This really wouldn't mean anything anyway unless they also provided the bank statements.

The BOD states that they don't want to have a cpa or accountant do an audit because "it would cost too much money" and there are alot of speculations as to why they refuse.

Is there any legal way to force them to do an audit or sign off on a financial statement? If the concerned members hired and paid for a CPA on their own would they be able to demand access to the books so an audit could be conducted? The Assn. has not filed taxes in years because they say they are a non-profit and their intake is not enough to require it.

Any advice is appreciated.
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