Do Illinois condo owners have the right to see the Association's complete audit report as delivered to the Board of Directors without summarization or limitation?

Answer 1

Your answer lies in the state law that governs condominiums. Your governing documents may address this issue, and they may not. In any event, the state law is usually superior to your governing documents. (An association savvy attorney in your locale can help you make this determination.)

Certain records of an association constitute private and confidential information available only to board members. These records usually focus on delinquencies, bankruptcies, personnel issues and so forth. No individual owner should be allowed to inspect these records, since such inspection would violate the privacy of others. (Your association's audit contains some of these records.)

If you find a section of state law that governs condominiums, or the corporate structure under which your association operates that gives members/ stockholders/ owners access to complete audit records, you can cite the section in a letter to the board requesting access to the information you want.

You may be limited to reviewing the records in person during the business hours of the vendor in charge of storing the association's records, and you may be restricted to viewing only, not copying such records.

Another option is to run for a board position, and serve as a volunteer board member, which then gives you access to the data you want. This personal investment of your time may also help you better understand the finances of the association through which you own your real estate assets.

Answer 2

According to the Illinois Condominium Property Act, condo owners have the right to examine and copy the association's financial records, including audit reports. However, the association may impose reasonable restrictions, such as not allowing the removal of the original records from the premises or limiting access to certain confidential information. Therefore, condo owners generally have the right to see the complete audit report, but restrictions may apply. Consulting an attorney or reviewing the specific condo association's bylaws can provide further clarification.