Question:
Do HOA’s have to provide receipts upon request for expenditures or can they operate without annual audits?
Do HOA elections of their boards have any requirements that would insure election integrity? In other words, do they have rules in place that increase legitimate elections and accountability or can one person take ballots into a room, tally them, and then declare winners w/o oversight?
– Paul
Answer:
Hi Paul,
Louisiana law currently does not require homeowners associations to perform audits. That being said, your governing documents might say otherwise. Read through your governing documents to be sure. Audits are a great way to measure the accuracy and completeness of your financials. They can also help combat financial crimes within the HOA.
As for elections, your governing documents should also tell you how you should conduct them. If you need help crafting your election rules, here is a good resource: https://www.hoamanagement.com/hoa-board-election-rules/
You might need to amend your bylaws, though, to incorporate new election rules or change existing ones.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
