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It sounds rather draconian to me as well. Read your bylaws to see if they have any requirements for when the annual meeting should be held and when any required documents should be delivered. The annual audited financial report is required and I'm not sure about the budget report.
Try asking your managing agent for the report before asking the board. You might get better results. I can tell you that a lot of MA companies are still backed up due to COVID-19 and CPA attrition. The board may be using the excuse of "contractual obligation" to cover themselves.
Hopefully, you'll find something in the Bylaws you can use as a lever. If nothing works send a polite request to the board asking for a copy of the audit report. Send it by USPS certified/RRR. Start a paper trail in case this escalates. When you finally receive the report, send a list of your questions to the board, again by USPS certified/RRR. What happens next will guide what you do next.
Good luck!
Isn’t it mandatory to send the financial report at least after the meeting even for those that didn’t attend the meeting?
I was told that it’s not mandatory and only if they ask.
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I asked a board member and the management agent in the same email and the board member responded only on Sunday and I emailed on Friday.
My understanding was that the financial report is actually supposed to be mailed out to shareholders so obviously you get it before the meeting. Have you heard of that being mandatory? I will ask our attorney at the meeting.
They also emailed it to us last year the day before.
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