Question:
Board President wants Finance Committee to provide monthly minutes of meeting and a complete list of all invoices paid. He is concerned about being transparent to the community.
There are issues that should not be shared, such as collections.
Do other HOA’s provide this detail? I also do not believe that the homeowners would want to see each paid invoice.
The management company posts a monthly finance report which is accessible by all homeowners.
We are a small community, 188 homes, and board has been in place less than 2 years since the community was turned over by the builder.
– Thomas
Answer:
Hi Thomas,
If your community was formed before September 30, 2009, and has opted into the Delaware Unit Property Act, it is subject to Section 2218 which states that the treasurer must keep a complete record of all receipts and expenditures available for examination by the unit owners.
If your community was formed after September 30, 2009, it is subject to the Delaware Uniform Common Interest Ownership Act Section 81-318(a) which states that the HOA must maintain a detailed record of receipts and expenditures and the minutes of the meetings of its members and board. Section 81-318(b) also states that these records should be available for examination. Only those listed in Section 81-318(c) may be excluded from inspection.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
