Board Communications Condominium Financial Governance Legal

Condo Unit Owner’s Right to Association’s Financial Transparency

J.R. from Hartford County writes:

Dear Mister Condo,

What rights do I have for convenient financial transparency from our board of directors?

Mister Condo replies:

J.R., financial transparency is typically outlined in the association’s governance documents. Additionally, in Connecticut, the Common Interest Ownership Act (CIOA) offers unit owners additional transparency if the governance documents don’t offer the same or better. Of course, your definition of financial transparency may not be exactly what you are looking for. Things like the Annual Budget are readily available and should be presented to all unit owners at the Annual Meeting. Detailed items, such as invoices, bids, etc. may require some additional work on your part to get and the association can charge you a fee for such requested documents. The transparency is still there but it is not necessarily free. Unit owners are part of a corporation. Corporations need to keep records and those records can be inspected by shareholders (unit owners). Those are your rights. If they are violated, you may have a case against your association. Good luck!

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