Question:
As a resident in an HOA Condo do we have the right to see the budget? And if monies are left over and invested do we have a right to know where they are?
– Diane
Answer:
According to Section 46:8B-14 of the New Jersey Condominium Act, the association is responsible for:
“(g) The maintenance of accounting records, in accordance with generally accepted accounting principles, open to inspection at reasonable times by unit owners. Such records shall include:
(i) A record of all receipts and expenditures.
(ii) An account for each unit setting forth any shares of common expenses or other charges due, the due dates thereof, the present balance due, and any interest in common surplus.”
As such, you may request to review the accounting records of your condo association. Additionally, Section 15A:5-24 of the New Jersey Nonprofit Corporation Act also applies to your association if your association is organized as a nonprofit. This section discusses the right of members to inspect the books and records of the association, including financial statements. Beyond that, your own governing documents may set forth your right to examine the records of your association.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
