How Many Sets of Financial Statements Does the Board Keep? Part 2

The HOAMCO community manager responded to my initial post about two sets of financial records by sending an e-mail to all residents saying that there are two versions of the financial statements “because any delinquent resident accounts cannot be made available to the entire membership. There are times when some residents may have difficulty paying their dues and such information must remain sensitive and confidential out of respect to your neighbors and friends… Posting of these delinquent accounts would be a violation of these residents privacy and would lead to a certain lawsuit for the Association.”

That is utter nonsense. While records of delinquencies must be kept, only the total amount in arrears need be aggregated in a financial statement. Furthermore, the HOA files liens against residents who have large outstanding dues balances. Those liens are public records that anyone can view. The Board will have to come up with a different lame excuse as to why there are two versions of financial statements.

Despite my request, once again the Board has refused to provide year-to-date expenditures in the financial materials sent out with the Annual Meeting notice. Only the 2016 budget was included. Residents have a right to know if the Board is adhering to budgeted amounts.

The fact that the Board refuses to provide this information just makes me more suspicious about how our dues are being spent.

Advertisements

Comments are closed.