0
You can look to the state corporate law under which your association was incorporated. There may -- or may not -- be guidance there as to the number of financial records to be kept.
As an owner, you can request copies of all financial records. With copies in hand, you can consult with a local, common interest community attorney or CPA, and get the answer you want.
Note that keeping multiple sets of financial records rarely indicates transparency in the conduct of business.
What else can I help you with?
Why do businesses need to keep financial records?
It is required by the FASB and the government. It is your legal obligation.
What are liability records?
Liability records are official documents that detail an individual's or entity's financial obligations and debts. They typically include information about loans, mortgages, credit card debts, and any other liabilities that may affect creditworthiness. These records are important for lenders and financial institutions when assessing credit risk and making lending decisions. Additionally, they can be used in legal contexts to determine financial responsibility in case of lawsuits or bankruptcy.
What does a small business use as a basis of obtaining information for their financial records?
Financial records for a small businessProfit and Loss Statement and a Balance Sheet are common to all types of businesses and are the basic financial statements which summarize all the accounts of a business.Ledgers for Accounts Receivable - for a business offers credit to customersLedgers for Accounts Payable - for a business that purchases material or goods for production or resaleCost accounting records - for a business that manufactures goods for saleInventory records - cover purchase costs, quantities brought in, and quantities used.There are many other types of financial records a business may need. Examples are Personnel and Payroll records.There may also be financial records specially required by certain industries or because of the legal form of business organization you choose, such as incorporation. Refer to links below for further information
What are all the different types of accountants?
Accountants fall under a number of categories. · Auditorskeep the public records in view also review and test financial records. · Forensic Accountants are interested in white collar crimes. They prosecute securities fraud and support legal issues in the courts. · Tax Accountants are highly trained in taxation matters. They have the right to represent individual taxpayers when it comes to IRS matters. · The accounting divisions are run by controllers. · Bookkeepersexecute any financial transactions and turn them into accounts. · CPAsmanage a number of accounting matters, some of which include preparing financial reports, ensuring that taxes are properly paid, and maintaining financial records.
What are the main goal of primary books of account?
The main goals of primary books of account are to systematically record all financial transactions of a business, ensuring accuracy and completeness. They serve as the foundational documentation for financial reporting, aiding in the preparation of financial statements. Additionally, these records support effective decision-making by providing insights into the financial health of the organization and ensuring compliance with legal and regulatory requirements.
What part of the right to privacy act addresses homeowner associations specifically the withholding of information of legal actions taken by the BOD against a homeowner for a violation of covenants?
Are the Board of Directors of a homeowners association prevented from revealing to the homeowners, at the annual homeowners meeting, legal action taken against a homeowner in violation of covenants.
Why do businesses need to keep financial records?
It is required by the FASB and the government. It is your legal obligation.
Can a Federal Probation Officer ask for your family's financial records?
They can't ask about your families financial records unless a judge orders they can do so. Unless this directly relates to the case, this is not legal.
Why do you manage vital records?
vital records improve safety and security vital records recover damaged records vital records are required to achieve compliance with laws and regulations vital records protect legal and financial rights
When was American Financial Solutions first established?
American Financial Solutions was first established in the early 2000s to help homeowners with legal, court-ready loan audits. American Financial Solutions was dissolved due to a pending fraud investigation in 2012.
Who is responsible for maintaining records?
Individuals, businesses, and organizations are responsible for maintaining their own records. This includes keeping track of financial transactions, legal documents, and other important information. Maintaining accurate records is crucial for tax compliance, financial planning, and overall organizational efficiency.
Are there any legal issues facing Tres Verdes Condominium Homeowners Association?
We may not be privy to the details you seek, but here's research you can perform to find them:Request copies of any legal filings at your local courthouse that involve the association.Read the association's financial statements to discover the line-item budget and expenses for 'professional legal fees'. Go back three years.Read the associations board meeting minutes for clues. Go back three years.If you are an owner, or are interested in purchasing property in the association, you can request an answer from the board. Ask an open-ended question, not one that can be answered yes or no (What legal issues . . .)
Two of the specific goals of vital records are to protect critical assets and preserve critical operations in addition to these two functions why else do you manage vital records?
Vital records recover damaged records Vital records improve safety and security Vital records are required to achieve compliance with laws and regulations Vital records protect legal and financial rights
What are the potential consequences of not keeping records?
Not keeping records can lead to financial loss, legal issues, and inefficiency in business operations. It may result in inaccurate financial reporting, missed deadlines for tax filings, and difficulty in tracking business performance. Additionally, lack of records can make it challenging to prove compliance with regulations and may hinder decision-making processes.
Should homeowners be able to do what they want with their property?
As long as it is legal and you have no liens on it.
Can I subpoena medical records for the legal case"?
Yes, you can subpoena medical records for a legal case with the proper authorization and legal process.
What are the specific goals of managing vital records?
Protect legal and financial rights, improve safety and security, are required to achieve compliance with laws and regulations, recover damaged records, preserve business operations, and protect critical assets.
