Why No Demands for 2023 Annual Audit?

Here we are, almost 9½ months into 2024 and the HOA still has not published the 2023 Annual Audit.

According to the Governing Documents (By-Laws, Art. III, Section C, Paragraph 19(g)), the Annual Audit should have been completed, delivered to the Board, and distributed to all the Members (homeowners) of the HOA by about May 1, 2024.

Section 19. Accounts and Reports. The following management standards of performance will be followed unless the Board by resolution specifically determines otherwise: 

(g) an annual report consisting of at least the following shall be distributed to all Members within one hundred twenty (120) days after the close of the fiscal year: (1) a balance sheet; (2) an operating (income) statement; and (3) a statement of changes in financial position for the fiscal year. The annual report referred to above shall be prepared on an audited or reviewed basis, as determined by the Board, by an independent public accountant; ..."

Can the proposed 2025 Budget be prepared without knowing how 2023 ended? Will the proposed 2025 budget be presented at the November 12th board meeting?

Is the old saying, "No news is good news" a good rule to follow?

Around here, I'd say, "NO!" This year (2024) started with a $27,000 deficit (not allowed, if you pay any attention to the Governing Documents), and numerous categories in the 2024 budget are running over-budget.

The Budget Committee ought to be closely monitoring Income and Expenses and reporting to the Board, in public at monthly meetings, what the true financial state of the HOA actually is.

There aren't any such reports. The only words from the Treasurer are Motions to spend money. The unanswered question is, "Are those expenditures already in the budget?"

I predict that a $50.00 increase in the annual assessment will not be enough. But the Board can't go higher than $51.00 without the approval of the Voting Members. And there aren't enough of them (legitimate Voting Members, I mean) to make a quorum for a meeting to consider a higher increase!

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