Is a condo association supposed to submit a financial statement to the members?
Full Question:
Answer:
The answer depends on the terms in the bylaws. The following are NJ statutes:
New Jersey Statutes
New Jersey Statutes
TITLE 46 PROPERTY
SUBTITLE 2 REAL PROPERTY ONLY
CHAPTER 8B. CONDOMINIUMS
ARTICLE IV. ADMINISTRATION
46:8B-14. Responsibilities of association
The association, acting through its officers or governing board, shall
be responsible for the performance of the following duties, the costs of
which shall be common expenses:
(a) The maintenance, repair, replacement, cleaning and sanitation of
the common elements.
(b) The assessment and collection of funds for common expenses
and the payment thereof.
(c) The adoption, distribution, amendment and enforcement of rules
governing the use and operation of the condominium and the condominium
property and the use of the common elements, including but not limited to
the imposition of reasonable fines, assessments and late fees upon unit
owners, if authorized by the master deed or bylaws, subject to the right
of a majority of unit owners to change any such rules.
(d) The maintenance of insurance against loss by fire or other
casualties normally covered under broad-form fire and extended coverage
insurance policies as written in this State, covering all common elements
and all structural portions of the condominium property and the
application of the proceeds of any such insurance to restoration of such
common elements and structural portions if such restoration shall
otherwise be required under the provisions of this act or the master deed
or bylaws.
(e) The maintenance of insurance against liability for personal injury
and death for accidents occurring within the common elements whether
limited or general and the defense of any actions brought by reason of
injury or death to person, or damage to property occurring within such
common elements and not arising by reason of any act or negligence of any
individual unit owner.
(f) The master deed or bylaws may require the association to protect
blanket mortgages, or unit owners and their mortgagees, as their
respective interest may appear, under the policies of insurance provided
under clauses (d) and (e) of this section, or against such risks with
respect to any or all units, and may permit the assessment and collection
from a unit owner of specific charges for insurance coverage applicable
to his unit.
(g) The maintenance of accounting records, in accordance with generally
accepted accounting principles, open to inspection at reasonable times by
unit owners. Such records shall include:
(i) A record of all receipts and expenditures.
(ii) An account for each unit setting forth any shares of common
expenses or other charges due, the due dates thereof, the present
balance due, and any interest in common surplus.
(h) Nothing herein shall preclude any unit owner or other person having
an insurable interest from obtaining insurance at his own expense and for
his own benefit against any risk whether or not covered by insurance
maintained by the association.
(i) Such other duties as may be set forth in the master deed or
bylaws.
(j) An association shall exercise its powers and discharge its
functions in a manner that protects and furthers or is not inconsistent
with the health, safety and general welfare of the residents of the
community.
(k) An association shall provide a fair and efficient procedure for the
resolution of housing-related disputes between individual unit owners and
the association, and between unit owners, which shall be readily
available as an alternative to litigation. A person other than an officer
of the association, a member of the governing board or a unit owner
involved in the dispute shall be made available to resolve the dispute. A
unit owner may notify the Commissioner of Community Affairs if an
association does not comply with this subsection. The commissioner shall
have the power to order the association to provide a fair and efficient
procedure for the resolution of disputes.
L. 1969, c. 257, § 14; amended 1995, c. 313, § 1; 1996, c. 79,
§ 2.
