Georgia HOA annual meeting report to owners: a checklist

Georgia’s Property Owners’ Association Act says that at the annual meeting, comprehensive reports of the affairs, finances and budget projections of the association shall be made to the lot owners. The statute does not list what each report must contain.

So this checklist marks what comes from the statute and what is our suggestion. Best practice items are not a legal requirement. It is not legal advice, and condominium associations are under a different statute. Check your bylaws and ask your attorney.

1. StatuteThe annual meeting is on the calendar, with notice going out at least 21 days ahead.See the annual meeting notice checklist for the notice rules.
2. StatuteA report on the association’s finances is ready to present at the meeting.Income and expenses for the year, and the balance sheet.
3. StatuteA report on the association’s affairs is ready to present at the meeting.What the board did this year: projects, rule changes, elections, vendor changes.
4. StatuteBudget projections for the coming year are ready to present.
5. Best practiceBudget against actual is shown for the year just ended.Explain the lines furthest from plan in a sentence each.
6. Best practiceReserves are reported: what is set aside and what it is for.
7. Best practiceCollections are reported in totals and counts only.Never show a home, an owner’s name or a per-home balance in a report that goes to all owners.
8. Best practiceInsurance policies in force are listed, with renewal dates.
9. Best practiceMeetings held and motions passed during the year are summarized.
10. Best practiceA short note from the board opens the report, in plain words.
11. Best practiceA second board member has checked every figure against the books.
12. Best practiceThe report is printed for the meeting and kept in the meeting file.Note in the minutes that it was presented.