[quote=Blogstar]Sorry, it would be a big disappointment to find that out.
I don’t know the audit rules but something is required as part of an HOA and maybe “special audits” can be demanded too. My MIL has been president of a HOA in a pretty high end detached home community and also on the Architectural review board. She says this stuff can get pretty heated at times. Don’t be shy about making them show you what’s going on , somebody has to do it, or maybe they will go to Brazil with your money.[/quote]
There probably isn’t even any reason for a special audit. Most HOA’s have annual audits, and though the quality of the auditing work is problematic at best, that doesn’t mean the numbers are necessarily unreliable. They also often include a reserve study. The reserve study will indicate how much should be in reserves. Some associations are fully funded to those recommended reserves. Some aren’t. Additionally, shit happens. We know that. It happens all the time. Just because a roof should last 20 years (or 40, or whatever), sometimes that doesn’t happen. It doesn’t mean the audit was bad. It doesn’t mean the reserve study was bad.
