Question:
Hello,
I am inquiring to see if I have the right to see where the money from my HOA goes every month. I emailed management and the response was no because it is a private company. It is owned by a man from California who is visiting the park this week and they told me he doses not take one on one meetings. It is frustrating because we have a very high HOA. The things covered are sewer, water, grounds not including homes, and plowing. We do not have a common area, we take our own trash to the dump and they just took away our recycling pickup.
Thank you,
– Alyson
Answer:
Hi Alyson,
If you live in a condominium, the New Hampshire Condominium Act Section 356-B:37-e(I) states that a profit and loss statement shall be available to unit owners 30 days prior to the annual meeting. The statement should specify all expenses by general type. Section 356-B:37-e(II) also states that unit owners shall have access to all financial information within 15 days of the owner’s request regarding contracts, mortgages, loans, the terms of those loans, and any outstanding debts and balances of all accounts held by the association. Section 356-B:37-e(III) also states that owners shall have access to the names of all employees of the association and the salaries paid to employees with association funds, including any third party arrangements for services, except at time sharing condominiums where employees’ salaries shall be confidential.
If your association is not a condominium, it may be best to review the governing documents to verify the homeowners’ rights to inspect financial records. Typically, homeowners have the right to review the HOA’s financial statements and other records upon written request. For further guidance, kindly consult a lawyer.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
