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Our Homeowners Association (HOA), Rancho Viejo South (RVS)

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in Santa Fe, NM, was...
Our Homeowners Association (HOA), Rancho Viejo South (RVS) in Santa Fe, NM, was formed under the Nonprofit Corporation Act of New Mexico around 2003. We have just under 600 homes in our HOA with a budget of about $700 k. We have a history of obtaining a Financial Audit every 2 or 3 years, and we intend to continue that. However, as a member of the RVS Finance Committee, I have often wondered what frequency of audits is required (if any) by the state of New Mexico. I am under the impression that there are no requirements. Is this correct?
Submitted: 11 months ago.Category: Real Estate Law
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6/11/2017
Real Estate Lawyer: Ray, Lawyer replied 11 months ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 47,058
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Real Estate Lawyer: Ray, Lawyer replied 11 months ago

There are no requirements here under New Mexico law.Every two years is a good standard practice.All the statutory requirements deal with making them public .

Reference see the requirements for financial records and requests.

http://www.nmprc.state.nm.us/consumer-relations/docs/Homeowner%20Association%20Act.pdf

I appreciate the chance to help you tonight.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 11 months ago
It is difficult to prove a negative when it comes to the law. Saying that one can't find the answer is not as strong as finding someone who can give a difinitive answer. Thanks for your help.Paul
Real Estate Lawyer: Ray, Lawyer replied 11 months ago

There is no legal requirement for every two years it is considered a standard practice for HOAS to do it every two years, it protects the board and president and really the members.

Thanks again and thanks for rating 5 stars.

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