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Tag Archives Audit

Audit Requirements Depend On Revenue

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Q: I recently asked to inspect the financial records of my homeowners’ association. As part of that inspection I discovered that the association has not had an audit for at least the last seven years. When questioned, the treasurer …

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Owner Vote Not Required to Purchase Unit in Foreclosure

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Q: We have an owner who stopped paying their assessments to our condominium association. The association recorded a lien against the unit and foreclosed. The association was the only bidder at the foreclosure sale. Now some unit owners are …

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Year End Surplus Treatment in Board’s Hands

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Q:        What must be done with a condominium association’s operating surplus at the end of the year? Is it true that it must be returned to the owners in the form of payment or a credit to next …

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