What about Late Annual Audit?

I found this article about late Annual Audits of interest. The article refers to the 2024 Audit of a condo in the Chicago area. What does it have to do with The Summit's HOA?

The Summit's HOA has never reported receipt of the 2024 Annual Audit, and it has never been published on the HOA's website. Where should it be?

The HOA's website contains a spot for it. Hover over RESIDENTS; click on DOCUMENTS. Then click on Annual Audits, and select 2024. The problem? 2024 is not there.

The article led off with "The fundamental importance of an audit rests on two pillars: that it is (1) timely and (2) accurate." In its second paragraph it referred to a "120-day window."

The Summit's HOA documents contain that same 120-day window. The By-Laws (Art. III, §19(g)) read, in part: 
"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 HOA's 2024 fiscal year is the Calendar Year, which ended 12/31/2024. The Annual Audit should have been delivered by 5/1/2025. That was within the control of the previous Board of Directors. Why didn't Danny Trapp, LaToya Adams, or William Hill see that the 2024 Annual Report was received and published?

During the last year (2025) I recall reading a reference to a $7,000 fee for that Audit by a CPA whose name I had never heard or read. I wondered when that auditor had been selected and approved by the Board, since the Minutes didn't report that, and when the Audit had been ordered.

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