Question:
How do you get a h o a to get a state required audit yearly–this h o a has never had one 15 years plus or presented one to homeowners—board of directors ignore requests
– Taylor
Answer:
Hi Taylor,
For homeowners associations, there are certain requirements under Oregon law. ORS 94.670 states:
“(5)Subject to ORS 94.671 (Application of ORS 94.670 (5)), the association of a planned community that has annual assessments exceeding $75,000 shall cause the financial statement required under subsection (4) of this section to be reviewed within 300 days after the end of the fiscal year by an independent certified public accountant licensed in the State of Oregon in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
(6)The association of a planned community created on or after January 1, 2004, or the association of a planned community described in ORS 94.572 (Applicability of certain provisions of ORS 94.550 to 94.783 to Class I or Class II planned communities) that has annual assessments of $75,000 or less shall cause the most recent financial statement required by subsection (4) of this section to be reviewed in the manner described in subsection (5) of this section within 300 days after the association receives a petition requesting review signed by at least a majority of the owners.
(7)An association subject to the requirements of subsection (5) of this section may elect, on an annual basis, not to comply with the requirements of subsection (5) of this section by an affirmative vote of at least 60 percent of the owners, not including the votes of the declarant with respect to lots owned by the declarant.”
For condominiums, ORS 100.480 states:
“(5)Subject to ORS 100.481 (Application of ORS 100.480), the association of unit owners of a condominium that has annual assessments exceeding $75,000 shall cause the financial statement required under subsection (4) of this section to be reviewed within 300 days after the end of the fiscal year by an independent certified public accountant licensed in the State of Oregon in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
(6)The association of unit owners of a condominium that has annual assessments of $75,000 or less shall cause the most recent financial statement required by subsection (4) of this section to be reviewed in the manner described in subsection (5) of this section within 300 days after the board of directors receives the petition requesting review signed by at least a majority of the owners.
(7)An association of unit owners subject to the requirements of subsection (5) of this section may elect, on an annual basis, not to comply with the requirements of subsection (5) of this section by an affirmative vote of at least 60 percent of the owners, not including the votes of the declarant with respect to units owned by the declarant.”
It is worth showing these laws to your HOA board.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
