Legal Question in Administrative Law in South Carolina
Home Owners Associations
Do the directors of a home owners association have any legal responsibility to give home owners an accounting, e.g.financial statement, of how their monthly dues are used.
Asked on 7/15/02, 6:16 pm
1 Answer from Attorneys
Charles Aspinwall
Charles S. Aspinwall, J.D., LLC
Re: Home Owners Associations
Yes. They have a fiduciary duty to the members to account for the expenditure of any and all association funds. Such accountings are usually rendered once each year at the mandatory annual membership meeting.
Answered on 7/16/02, 12:59 am
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