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Home owner associations?
I live in a community that is regulated by a Seven Member Board of Directors who utilize the services of a professional management company. We are located in the State of Illinois which may or may not be relevant.
The management company has a website that could be utilized much more than it is currently, at least in my humble opinion. I would like to see the minutes of the Board's monthly meetings posted on the website maintained by the management company and I would also like to see the posting of the financial statements prepared by the management company for viewing by any interested resident within our community on the management company's website. However, the board has thus far refused to do to have the financial statements made available to each resident who desires to view these statements nor will they post the minutes of their monthly meeting on this website either. Is there anything that I can do to force the board to be more open and have the financial statements posted on the management company's website each and every month? Are there any state laws within the State of Illinois that I could cite to force them to make this information more readily available?
3 Answers
- MattLv 710 years agoFavorite Answer
They should be reporting this regularly. If you are a homeowner, you can petition to change the bylaws to require the changes you want. Every year or so there should be a ballot process where homeowner issues can get a hearing. You will need support from the community though to vote it in.
- real estate guyLv 710 years ago
first read your HOA docs. I'm sure that it says that the broad has to pass on the information in a open and timely manner. This does NOT mean that they have to post on line.
My guess. They don't know how to do it; nor do they feel it's safe to post budget numbers, etc online.
I would suggest that you become active in the HOA and offer to handle the website. In addition, I would recommend pass words for this Information.
- Cathi KLv 710 years ago
Owners are entitled to view minutes and financials. You cannot force them to post them anywhere.
