Annual Disclosure
Documents and information that the association is required to provide to homeowners on an annual basis. Annual disclosures may include the operating budget, reserve study summary, insurance coverage information, financial statements, assessment schedules, and other items required by state law or governing documents. Timely distribution of annual disclosures is a legal obligation in many states.
State-Specific Notes
California: Under Civil Code Sections 5300-5320, associations must distribute an annual budget report and annual policy statement within 30 to 90 days of the fiscal year end, including the reserve study summary, insurance information, and assessment and reserve funding disclosures.
Frequently Asked Questions
What documents must an HOA disclose annually?
Requirements vary by state, but commonly include the operating budget, reserve study summary, insurance coverage summary, financial statements, assessment schedule, and any rule changes. Some states require specific disclosure forms or formats. Check your state law and governing documents for the exact requirements and distribution deadlines.