Is a member of the association entitled to inspect the books and records of the association?
The member is entitled to inspect and/or copy all the accounting books and records of the association which would include financial statements, balance sheets, income and expense statements, budget comparisons, general ledger, and reserve account balances. In addition, a member is entitled to inspect and/or copy executed contracts not otherwise privileged under law, written board approval of vendor or contractor proposals or invoices, state and federal tax returns, agendas and minutes of meetings of the members, the board of directors and any committees, membership lists, and check registers.
In addition, the member is entitled to inspect and/or copy documents referred to as “enhanced association records” which would include invoices, receipts, canceled checks for payments made by the association, purchase orders approved by the association, credit card statements for credit cards issued in the name of the association, statements for services rendered and reimbursement requests submitted to the association.
Privileged contracts do not include contracts for maintenance, management or legal services. If the Court finds that the association unreasonably withheld access to the association records, the Court shall award the member reasonable costs and expenses, including reasonable attorney’s fees and may assess a civil penalty of up to $500 for the denial of each separate written request. Association records prepared during the current fiscal year must be produced within ten (10) business days following the association’s receipt of the request. Association’s records prepared during the previous two fiscal years must be produced within thirty (30) calendar days following the association’s receipt of request.
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- Can the Members of the association extend the term of the CC&R’s?
- Can the Association deny you access to The Association's financial records?