In this week's tip, we help out an HOAleader.com reader who wants to know if their board has any leg to stand on in arguing that it's OK to not meet their legal requirement of conducting audits because they think audits are
pricey.
Our reader is in a 19-unit condo, and they say their board has never had the books audited—contrary to state law. The board doesn't want to spend the money. They've also never filed federal or state taxes.
Click on the arrow below to hear a short clip in which two of HOAleader.com's experts—Bree Anne Stopera, an associate at Makower Abbate Guerra Wegner Vollmer PLLC in Farmington Hills, Mich., whose firm represents more than 2,000 community associations throughout
the state and Ben Solomon, managing partner and founder of Association Law Group in Miami, who advises hundreds of associations as general counsel and also represents developers, banks, hotels and other real estate investors through his second law firm, Solomon, Cooperman, Recondo & Weiss LLP—explain whether that argument would fly.
