QUESTION: I asked the board to include the treasurer's report in the minutes posted on the association's website. They refused because homeowners are only untitled to a yearly report and the treasurer's report contains private information. Is that true?

ANSWER: It's true that owners are entitled to an annual financial report and it's true that monthly financials may contain private information related to delinquencies. However, monthly reports are part of the books and records of the association. As such, members have a right to view and copy them. Any private information in the reports can be redacted.

Modified Accrual Reporting. The board might also be reluctant to release monthly reports if they were prepared on a modified accrual basis, which can be misleading if owners are not familiar with this form of accounting. While I understand the concern, it is not justified. Withholding financial information only fuels suspicion the board is hiding something.

RECOMMENDATION: Boards should routinely include full financial reports or at a minimum a summary "Treasurer's Report" in their minutes and then post them for membership review. If the association has a website, the minutes and financial reports should be displayed in a members-only portion of the website.