A neighbor of mine was physically assaulted by a security personnel. When he asked the president of the HOA and property manager for the name of the company, they told him that they would have to get back with him. His lawyer found out that the company was under a LLC and the address of the business was a forclosed condo in a different city, and the security company does not have a liscense (they also carried guns until this assault occurred). In a HOA meeting I asked where were the checks being sent, and the response was the owner picks the checks up every two weeks. The property manager has also claimed the club house as he personal office. We want to get to a point where our community is transparent, and know where our money is going.
You will need 10% of the owners to petition the board for an audit. Your other option is to request at copy of the financial records pursuant to Fla. Stat. 720.303(5) and the HOA has 10 business days from receipt of your certified letter to comply or they are liable to you for $50 per day up to $500.
Once you have the financials, you can pay a CPA to review, but you should use one that specializes in associations. You should also be getting a copy of the year-end financial statements each year or a least a notice they are available. These are not enough to conduct an audit, but it's a start.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
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