Question:
Im new to condo and HOA RUles.
Curious if a paid property manager can or should be the board President hold several other board positions at the same time? How often should each owner see or read or have a monthly accounting of the HOA expenditures and board minutes.
I’m new and curious. Thanks
– Laura
Answer:
Hi Laura,
For condominiums, according to Oklahoma’s Unit Ownership Estate Act Section 521, the unit owners may request a copy of the receipts and expenditures at convenient hours on working days. Most associations also allow members to request copies of the meeting minutes in a similar manner.
Apart from this, some associations also send a copy of the HOA’s financial records annually. The governing documents may also have requirements regarding the dissemination and examination of meeting minutes and financial records. These general rules may also apply to homeowners associations.
As for board positions, property managers are typically not part of the HOA board. They are third parties assisting the board with operations. The governing documents may also require that board members be residents or members of the association.
As for the president, some associations may also allow the board president to serve more than one officer position, but it’s generally not advisable. Moreover, the governing documents may have provisions prohibiting this. Kindly check them for clarification.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
