I just received my new annual budget assessment for my association “Bowie New Town Condominiums.” Is there any way someone can look into our association and property management. I think our funds are being miss managed. They are now proposing 15% increase for condo fees, which is outrageous. A jump from $278 to $320 shouldn’t be allowed, people can afford it. Our property managers get paid a lot of money to do the bare minimum. His emergency contact is his 80 year old mother, he has no staff. I have concerns as do the other owners. Please let me know what needs to be done to have the association or property management audited.
It is a good idea to ask for a copy of the association’s financial statements to know how the money is being used. According to the Maryland Condominium Act §11–116(b), unit owners can request an audit of the books and records. The section states:
“On the request of the unit owners of at least 5 percent of the units, the council of unit owners shall cause an audit of the books and records to be made by an independent certified public accountant, provided an audit shall be made not more than once in any consecutive 12–month period. The cost of the audit shall be a common expense.”
The same section talks about the right of unit owners to request financial records. If you suspect that a financial crime has taken place, it is best to seek help from law enforcement.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.