Where is the 2023 Annual Audit?

Will the entire year of 2024 pass without the 2023 Annual Audit's being released? Or will the BOD release it between now and December 31?

What can you do? Email hoa@summithomeowners.com today. Request it to be provided within five days. Let me know if you have any luck.

The 2023 Annual Audit was due about May 1, 2024.

Why isn't the Board of Directors releasing the 2023 Annual Audit?

Why aren't Board Members demanding release of the 2023 Annual Audit? Why aren't Finance Committee members demanding it? Why aren't Voting Members demanding it? Why aren't Members (homeowners) demanding it?

By-Laws, Art. III,  C. Powers and Duties, 
§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; provided, upon written request of any holder, guarantor or insurer of any first Mortgage on a Unit, the Association shall provide an audited financial statement. During the Class “B” Control Period, the annual report shall include certified financial statements.  

Did the Board ever resolve otherwise? Where is that Resolution published? (Resolutions are published in the PRM at Art. II, Section D.)

That "fiscal year" closed December 31, 2023. One hundred twenty (120) days later was about May 1, 2024.

Some Board members may rely on the PRM for a reprieve until August 31st.

PRM, Art. III Administration
C. Financial Procedures
2) Audit Procedures
c. Tax reports must be completed by March 15th and Audit reports by August 31st.


However, the PRM cannot alter, amend, modify or change the requirement in the By-Laws.

The 2023 Annual Audit should have been distributed to all Members (homeowners) by May 1, 2024. Why wasn't it? Why aren't demands for it being made?

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