Question:
Does my Association Board and Manager have to share the quarterly DETAILED financials with me as an owner, Ours shares NOTHING!
– Karl
Answer:
Hi Karl,
For condominiums, the Hawaii Condominium Property Act Section 514B-154 specifically states that homeowners have the right to inspect the association’s most current financial statement. Homeowners can also inspect financial statements, general ledgers, the accounts receivable ledger, accounts payable ledgers, check ledgers, insurance policies, contracts, and invoices of the association.
If your HOA is organized as a nonprofit corporation, the Hawaii Nonprofit Corporations Act Section 414D-302 states: “Subject to sections 414D-301(e) and 414D-303(c), a member is entitled to inspect and copy, at a reasonable time and location specified by the corporation, any of the records of the corporation described in section 414D-301(e) if the member gives the corporation written notice or a written demand at least five business days before the date on which the member wishes to inspect and copy.” This includes accounting records of the HOA.
Make sure your HOA board and manager are aware of these laws. Additionally, your association’s governing documents may also detail your right as a homeowner to inspect the records of the HOA, including accounting records and financial statements. Check your bylaws and CC&Rs to be sure.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.