|
Now
that the year has ended and our computers are still working,
managers and trustees should remember that financial reports for
all condominiums must be completed within 120 days of the end of
the fiscal year. Since
most condominiums’ fiscal years end on December 31, these
reports will soon be due.
Massachusetts
General Laws c.183A requires that these financial reports include
a balance sheet, income and expense statement, and a statement of
available funds. The
reports must be made available to all unit owners and holders of
first mortgages upon request.
If your association is comprised of fifty or more units, a
Certified Public Accountant must also review the financial report.
|
