Do condo members have a right to yearly audited financial statements?

Answer 1

In most condominium associations, unit owners are also known as association members.

You can find your answer in your governing documents, in the sections that address financial matters.


You can request specific access to the audited financial statement through your property manager or your board of directors, specifically the treasurer.


If you have a right, based on your governing documents, and the right is denied, you can demand access and engage an attorney, if necessary.


Part of a treasurer's job is to share financial information with unit owners on a regular basis in most condominium associations.

Answer 2

The responsible, moral answer is 'yes', absolutely yes.

However, you can read your governing documents to determine the frequency and the audit-level of financials due you from your board of directors.


Frequently, you are entitled to at least quarterly financial reports; annually you could also be entitled to audited financial statements.


If no audited statements are available, you can request (in writing) an explanation from the board for the lack of an audit. It is possible that there were not enough association funds to pay for an audit, or that the board felt that an audit was not necessary.


Your membership standing or status may preclude you from receiving financial statements, if, for example, you are behind in paying your assessments, you may be denied access to financials.


Your governing documents will specify audit frequency and your access to financial statements.