The following links will provide you with the audited financial reports of the Willistown Knoll Homeowners Association, Inc. You can either click on the links to view them within your web viewer or right click on them to download the PDF file.
An excellent summary of what one should expect to see in these annual reports can be found at AICPA's Common Interest Realty Associations, Financial Statement Presentation
The Homeowner Association Board is required to provide hard copies of these reports to each member of the association (homeowners) annually:
- The Treasurer shall also keep, or cause to be kept, correct, complete and proper books of account, cause an annual audit of the Association's books to be made by a certified public accountant at the completion of each fiscal year, and promptly mail or deliver a copy of the audit to each Member after the Board approves the audit.
Our Association has failed to provide copies to the homeowners in accordance to our governing documents since 2005. The 2011 Annual report was published on the Associa Mid-Atlantic website but the Board well knows that not all of homeowners have accounts on the Associa website.
Pennsylvania Law requires an annual report to be issued no later than 180 days after the close of the fiscal year.
- Within 180 days after the close of its fiscal year, the association in any planned community having more than 12 units or subject to any rights under section 5215 (relating to subdivision or conversion of units) or 5211 (relating to conversion and expansion of flexible planned communities) shall prepare annual financial statements consisting of at least a balance sheet and a statement of revenues and expenses for the association. The cost of preparing the financial statements shall be a common expense.
Also from Pennsylvania Statutes with reference to reserve fund expenditures:
- The executive board shall deliver to all unit owners copies of each budget approved by the executive board and notice of any capital expenditure approved by the executive board promptly after such approval. In addition to other rights conferred by the declaration, bylaws or this subpart, the unit owners, by majority or any larger vote specified in the declaration, may reject any budget or capital expenditure approved by the executive board within 30 days after approval.
It's difficult to reject the capital expenditures from the Reserve Fund when they are not in the Approved Budgets and when the Board does not publish minutes, capital expenditure planned approvals, or other notifications in a timely fashion.
2 Links to Annual Reports
|2004||Andrew Kellock, CPA||
|2005||Andrew Kellock, CPA||Marian Derr, CPA||
|2006||Andrew Kellock, CPA||Marian Derr, CPA||
|2007||Andrew Kellock, CPA||Marian Derr, CPA||
|2008||Andrew Kellock, CPA||Eugene Makar||
|2009||Andrew Kellock, CPA||Marian Derr, CPA||
|2010||Todd Loft, CPA||Marian Derr, CPA||
|2011||Todd Loft, CPA||Eugene Makar||
|2012||James M. McFadden, CPA||Harry Diavatis|
- 2003 Amended Bylaws of the Willistown Woods II Homeowners Association, Inc, Article XVI, Section 9
- Pennsylvania Uniform Planned Community Act 68 Pa.C.S., §5316 Association records, (B) Annual Financial Statements
- Pennsylvania Uniform Planned Community Act 68 Pa.C.S., §5303. Executive board members and officers (B) Limitation on Authority