Co-owners right to view financial records?

[Grusa]

Does a condo co-owner have an absolute, or indeed any, right to view financial records, such as supplier, contractor and other invoices, and bank records?

 

I am unable to find any definitive reference on this matter. Can anyone help me out?

[Sandboxer]

Juristic committee is required by the Condominium Act to publish/release outgoing expenses along with regular balance statements.

[blackshadow]

SHOULD be available at an  A G M.......fully audited.....

[Peterw42]

As above, full financials should be available at AGM, additionally there is a requirement to post monthly financials on notice board as well.

 

Its all in the Condominium Act which is easily found on a google search.

Example below

 

Section 36 The manager shall have the following powers and duties:

(5)     Arranging to have a monthly Receipt and Expenditure Account prepared and post it on the Bulletin Board to inform the joint owners within fifteen days from the end of the month and that such relevant Announcement shall be posted at least for a consecutive period of fifteen days.

[scubascuba3]

Find out who is on the committee, hopefully a farang, contact them

[Grusa]

9 hours ago, Peterw42 said:

As above, full financials should be available at AGM, additionally there is a requirement to post monthly financials on notice board as well.

 

Its all in the Condominium Act which is easily found on a google search.

Example below

 

Section 36 The manager shall have the following powers and duties:

(5)     Arranging to have a monthly Receipt and Expenditure Account prepared and post it on the Bulletin Board to inform the joint owners within fifteen days from the end of the month and that such relevant Announcement shall be posted at least for a consecutive period of fifteen days.

My point here is that there appear to be irregularities in the accounts, which are published as above.It is therefore appropriate to dig further. The committee, management and JPM are refusing access to records.

[soi3eddie]

16 minutes ago, Grusa said:

My point here is that there appear to be irregularities in the accounts, which are published as above.It is therefore appropriate to dig further. The committee, management and JPM are refusing access to records.

You should be able to access records. How many AGMs have you attended? What is your relationship with manager and committee members like? 

Without naming project, what are your specific concerns? Amounts involved?

Have you asked WHY they are refusing access to records?

Remind them, that as your JPM they are in your employ (although commitee could be in cahoots of wrongdoing). 

Thankfully, after 13 years in my project, all has been good though no body can predict the future. I have been asked to join comitee but declined as too much work - thouigh may reconsider.

Please share.

 

[Grusa]

12 hours ago, soi3eddie said:

You should be able to access records. How many AGMs have you attended? What is your relationship with manager and committee members like? 

Without naming project, what are your specific concerns? Amounts involved?

Have you asked WHY they are refusing access to records?

Remind them, that as your JPM they are in your employ (although commitee could be in cahoots of wrongdoing). 

Thankfully, after 13 years in my project, all has been good though no body can predict the future. I have been asked to join comitee but declined as too much work - thouigh may reconsider.

Please share.

 

Thanks for your reply to my post. I do not feel able to share this publicly as it would be too easy to identify location and personalities involved, the situation is fairly unique. I have pm'd you.

[Henryford]

All condos will produce annual accounts showing annual income and expenditure and balance sheet but that would not include the sort of detail the OP wants, such as invoices, bank records etc. What makes you think there is a problem that would require that level of detail? Unless the Committe is "bent" they should respond to any reasonable request to explain specific queries.