Your Association is mandated by law to provide an Annual Report to the members each year. The content of that Report is prescribed both in the Statute and the Bylaws. However, even if it were not required, it would be good practice for your Association to provide that information to its members. Every member should be interested in knowing how their Association does each year compared to its Annual Budget, as the Association cannot afford to repeatedly operate at a deficit or vital services will be jeopardized. The Annual Report also lets you know if assessments are being collected in a timely manner and how well the Association is doing in preparing for future capital expenditures. A summary of insurance coverages is also included so that each member can review how their own insurance policy fits in with the insurance coverage provided by the Association.
Follow the link below to access Annual Reports from the more recent fiscal years.
Saint Paul | Highland Park Condominiums