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I am not aware that there are any state or local laws requiring an audit of an hoa. From my experience, most covenants and restrictions associated with a development will set forth the requirements on an audit such as the following from a subdivision in Mt. Pleasant:
"An audit of the accounts of the Association shall be made annually and a copy of the report shall
be furnished to each member not later than ninety (90) days after the last day of the fiscal year for
which the report is made."
If you have a question about a particular subdivision, just obtain a copy of the covenants and restrictions from the hoa or ask the manager of the association. Any Realtor representing a buyer should make any contract contingent on obtaining a copy of the covenants and restrictiions for the review of their client.
Well, an audit is different than a review. It depends upon the language in the CCR's as Joe stated.
Check the language for the opportunity to look at the numbers. I have seen that.
You very well may have the right to bring up a motion to have the books reviewed. Then all you need is a vote.
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