Real Estate Law
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THe HOA Board has the authority to make rules and regulations governing the finances of the organization. In 2014, the California legislature passed the most comprehensive HOA annual disclosure requirements ever seen. I suspect that a large percentage of California's HOAs are still unaware of this legislation. See:http://www.calassoc-hoa.com/Homeowners-Association/Annual-Disclosures.aspx. Also, the board may well have committed acts of negligence in holding the money at little or no interest in a savings account in the bank. With only 16 units, it should be fairly easy to get a group together to approach the board as a unit and demand these disclosures. if the board continues to resist, your group might be able to move in on the next election and take over the b
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oard. There is also the possibility of a lawsuit to force financial disclosure.