Why was the 2023 Annual Audit So Late?

The Minutes for the January 7, 2025 Board meeting  have been published. You can read them on the HOA's website.

The first item, after approval of December's Minutes, is 

"Becca Brendle CPA presented the 2023 Audit that was completed 9/2024. No adjustments are needed to be made."

Why did the Board fail to release it promptly to the members? They held it for more than 100 days.

The By-Laws (Art. III, C, §19) state that the Audit is to be distributed to the Members by about May 1st (120 days after the end of the fiscal year which, for the HOA, is a calendar year, or December 31.

The PRM (Art. III, §C, ¶2) allows more time for the Audit, stating that the audit is to be completed by August 31st.

However, the PRM can't change the By-Laws. In the By-Laws, there is wording that reads

"... the management standards of performance will be followed unless the Board by resolution specifically determines otherwise..."

Did any Board ever determine otherwise by resolution? There is no such Resolution listed in the PRM (Art. II, §D).

If there was no Resolution, then the 2023 Annual Audit should have been received by the Board before May 1, 2024. There is no reason to withhold it from Members. The Members are entitled to know what the Auditor says, and they should know without delay. The Auditor works for the Association (the Members), not for the Board.

Are "no adjustments needed"? I don't question the accuracy of the numbers. I do question the story that the numbers tell.

See all those numbers in parentheses? 

Perhaps the Members should hire their own CPA to explain what all those negative numbers really mean. How well do the Board Members understand financial statements?

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