Disgruntled unit owners love to review their association documents and then demand every document that they think they might be entitled to. In this case, the court made clear that reasonableness and discretion will play some part in what must be provided.
In December of 2014 the Plaintiff sought to inspect the Associations records, including the:
- December 2012 and 2013-2014 bank statements;
- General ledger from 2013-2014;
- Specific 2013 and 2014 invoices;
- Official communications between the Association board members and the New Mexico Office of the State Engineer (OSE);
- 2012 and 2014 end of fiscal year and year-end balance sheets;
- 2012 and 2014 profit and loss reports;
- December 2014 accounts receivable aging report; and
- December 2014 open invoices report.
The Association was incorporated in 1973 in New Mexico. Plaintiff wanted to inspect the records because she was concerned over the increase in unpaid dues owed the Association and the Board’s financial reporting.
The Board produced most of the records, but “did not produce for inspection the bank statements, the general ledger, invoices, the accounts receivable aging reports, an open invoice report, and communications between board members and the OSE.”
Continue Reading Inspection Rights of Unit Owners are NOT Endless