2025 Annual Audit - Has It Started Yet?

Every year The Summit's HOA is required to conduct an audit of the previous year's finances. That's why it is called an Annual Audit.     

The Annual Audit is to be completed and delivered to the Board by August 31 (PRM, Art. III, §C, ¶2c). It should be posted on the HOA's website. One of the reasons for the August 31st deadline is to have it available to the Budget sub-committee for development of the following year's Proposed Budget.

The process fell apart in 2025. The 2024 Annual Audit wasn't even ordered until October 2025; the Board President was Danny Trapp,  and the Board Treasurer was William Hill. It wasn't delivered to the Board until about February 4, 2026.

The 2025 Annual Audit should be underway by now. The auditor should have been selected earlier this year (preferably, in February or March). 

The Procedures Reference Manual (PRM) does not spell out how the auditor is selected; it should. The PRM doesn't say by what date the auditor should be selected or the process for selecting the auditor; it should. Regardless, the Board of Directors is responsible for seeing that the Annual Audit gets started and is delivered on-time.

How many Requests for Proposal (RFP) did the HOA send out? Who received the bids? Who opened them? When were they considered?

The Board should select the auditor in an open, Regular Board Meeting and choose the auditor by recorded vote. That vote should be reported in the Minutes of the Board Meeting.

The last Minutes of Board Minutes that have been published on the HOA's website are for February 2026. No Minutes have been posted for March 2026, April 2026, May 2026, or June 2026. 

How many Regular and Special Board Meetings have there been since February 3, 2026?

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