What Budgetary Requirements Does Georgia Law Place on Associations?

Although the laws that govern homeowners’ associations and condominium associations are identical, it is important to understand which laws apply to your community by reading the Georgia HOA laws Guide. For a community that is governed by the Georgia Property Owners’ Association Act, an association is required to maintain “detailed and accurate financial records, including itemized records of all receipts and expenditures.” O.C.G.A. §44-3-231(d)(2). At an association’s annual member meetings, the board must present for member review “comprehensive reports of the affairs, finances, and budget projections” of the association.  O.C.G.A. §44-3-230

The specific methods for adopting budgets and calculating assessments will be set forth in the association’s declaration and/or articles of incorporation, and the board has a duty to comply with those requirements.  Members can take action against a non-compliant board either through a civil suit (O.C.G.A. §44-3-231(g)) or by removing some or all board members or organizing a campaign to defeat their reelection.  You can learn more about removal of Board Members here.

 

 

DISCOVER MORE

Was this information helpful?
Was this information helpful?