I.C. from Florida writes:
Dear Mister Condo,
Do I have a right as a condo owner to have a copy of monthly balance sheets?
Mister Condo replies:
I.C., yes and no. As an owning member of the condominium association, you have a right to inspect any and all association records. Balance sheets that have already been accepted by the Board become association records once approved by the Board. At that point, they may be inspected by individual unit owners such as yourself. However, inspection is not free and may require that you schedule a time to do so with either the Property Management firm or Board member holding the records and either may charge a fee to prepare the records for inspection and the cost of the personnel monitoring you while you inspect the records. You may request copies of the records, again, at a fee charged to you. Balance sheets that have yet to be approved by the Board are not yet association records and they are not available to anyone outside the Board until they are approved. As a rule, monthly balance sheets really don’t tell much of a story on their own so my question to you is why would you want to inspect them? If you suspect wrongdoing with regards to the association’s finances, it may be time for an audit or for someone new to get on the Board and see what’s going on. Theoretically, your association elected Board Members to attend to the finances of the association. Unless there is cash missing or monies being diverted away from the association, looking at the monthly balance sheets isn’t going to tell you enough to make such an accusation. Gather as much information as you can and speak with an attorney if you think legal action against the Board is necessary. I hope it isn’t. All the best!