Board Condominium Financial Governance

Frequency of Condo Book Audit

L.L. from Litchfield County writes: Dear Mister Condo, How often should a condo complex’s books be audited? When they are audited, is the Board required to advise the owners that one has taken place and what the outcome was? Many thanks. Mister Condo replies: L.L., unless your condo documents require that the association conduct an annual or periodic audit, there is currently no legal requirement to have one performed in our state. That being said,…

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Board Condominium Financial Governance Property Management Volunteer

Florida Condo President Facing Multiple Challenges

R.H. from Florida writes: Dear Mister Condo, My 24-unit condo by laws say that an audit must be conducted once a year. Florida statutes say every 3 years. In addition, the property manager pushed through a specific contractor and that was 3 times the price but the other directors back her up. I am the president but I can’t get any info from her because she is aggressive and doesn’t let me say a word…

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Board Common Fees Condominium Financial Governance

Condo Audit Requirement Law

A.B. from New Haven County writes: Dear Mister Condo, Are there any CT states law that require audits be performed on Condominiums? Mister Condo replies: A.B., in Connecticut, I am aware of no such law. Some states, like New Jersey, do require audits at certain intervals as a matter of law. It should be noted that all audits are not created equal so even if there were an audit requirement, it would have to be…

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Condominium Financial Governance Legal

Condo Documents Call for an Audit

E.S. from outside of Connecticut writes: Dear Mister Condo, If only an audit is required by a condo declaration does it need to be “certified”? Mister Condo replies: E.S., the answer lies in your documents and state law. If neither the documents nor the law require a “certified” audit, then an audit may suffice. The question is, what is the difference between an audit and a certified audit as it pertains to your condo association?…

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