Community and Homeowners Association Q & A Part Three
Question: Does an owner have a right to see the accounts receivable for every member of the Association?
ANSWER: Yes. The Statutes for every type of community and homeowners association provide that all of the financial records of the association are part of the Official Records and are available for inspection by any member of the association.
The financial records include the ledgers and delinquency reports and other records which reflect the payment status of each home or unit. Think of it this way – Each owner is a partner in the business of running the association, and partners have the right to know the details of the fiscal well-being of the corporation.
There are State and Federal Fair Debt Laws which limit publication of certain information regarding a person’s debt. That is, the association cannot post a “deadbeat” list of delinquent owners on the association bulletin board by the pool. At a board meeting, the delinquencies can be discussed in the open meeting, but I would refrain from naming the individual owners. You can use the unit number or the street address during the meeting.
But, again, if someone at the meeting would like to see the delinquencies list, as long as the person is a member of the community or homeowners association, he or she is entitled to do so.
These Records are also subject to the laws which allow an owner/member of the association to obtain a copy of Official Records.