HOA Directors Must Conduct Periodic Reviews of Finances and Annual Financial Audits or Reviews

HOA directors have a duty to periodically conduct HOA finance reviews and also do detailed financial audits of the association’s financial statements and accounts. A review of association finances entails reviewing all bank statements and check registers to track where the association’s funds are being deposited, transferred or used. Additionally, directors should verify all transfers from the association’s operating account to its reserve account and confirm that the amounts transferred are[…]