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How often must a condo association provide financial statements to members?

How often must a condo association provide financial statements to members?

Q: Is the HOA fee monthly or yearly?

HOA fees are generally assessed on a monthly basis, but they can also be charged quarterly or annually. The specific frequency and amount of these fees depend on the association's budget and bylaws. It's important to review your HOA's governing documents for precise information regarding fee assessments.

Full question:

Is a condo association supposed to submit a financial statement to the members on a yearly basis or more frequently?

Category: Real Property
Subcategory: Homeowner's Association
Date: 04/07/2025
State: New Jersey

Answer:

The requirement for a condo association to provide financial statements to its members depends on the association's bylaws. According to New Jersey Statutes (N.J. Stat. § 46:8B-14), the association is responsible for maintaining accounting records that are accessible to unit owners. These records should include a record of all receipts and expenditures and an account for each unit detailing any charges due. While the statutes do not specify an exact frequency for financial statements, the bylaws may outline specific requirements for reporting to members.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How to request financial statements from HOA?

To request financial statements from your Homeowners Association (HOA), you should submit a written request to the board or property manager. Specify the documents you need and reference your rights as a member to access financial records. Some associations may have a formal process for requests, so check your bylaws for any specific requirements. If your request is denied, you may want to consult legal advice to understand your options.

What are the dues of an association?

Association dues, often called assessments, are fees that members pay to cover the costs of maintaining common areas and services within the community. These dues can vary based on the association's budget and may be charged monthly, quarterly, or annually. It's important to review your association's bylaws for specific information regarding the amount and frequency of dues.

How often should HOA financials be audited?

The frequency of audits for HOA financials is typically determined by the association's bylaws. Many associations opt for annual audits to ensure transparency and accountability. However, some may choose to have audits less frequently, such as every few years. It's advisable to check your specific bylaws for any mandated requirements regarding audits.

Are condo association fees monthly or yearly?

Condo association fees are usually charged monthly, but they can also be assessed quarterly or annually depending on the association's policies. These fees are used to cover maintenance, repairs, and other operational costs of the condominium. Always refer to your condo association's bylaws for specific details on fee structures.

Is the HOA fee monthly or yearly?

Do condos have financial statements?

Yes, condo associations are required to maintain financial statements that detail their income and expenditures. These statements provide transparency to unit owners about the financial health of the association. Members typically have the right to access these records, but the frequency and format can vary based on the association's bylaws.