2014 Annual Disclosure Checklist
The following is a summary only of requirements for disclosures made on or after January 1, 2014. Please refer to the statutes for more complete information. Several of these requirements have been modified, even if only slightly, since 2013.
30-60 Days Before the Start of the Fiscal Year
Regular assessment increase
|Civ. Code § 5615|
30 - 90 Days Before the Start of the Fiscal Year
| Annual Budget Report|
Note: Distribute either the full budget or a summary with instructions on the first page how owners can request a full copy at no charge.
The annual budget report must contain:
|Civil Code §§5300, 5320|
|Civil Code § 5565|
|Civil Code § 5550(b)(5)|
|Civil Code § 5560|
|Civil Code § 5570(b)(4)|
|Civil Code § 5300(b)(9)|
|Annual Policy Statement|
Note: Distribute either the full policy statement or a summary with instructions on the first page how owners can request a full copy at no charge.The annual policy statement must contain:
|Civil Code §§5310, 5320|
|Civil Code § 4035|
|Civil Code § 4040(b)|
|Civil Code § 4045(a)(3)|
|Civil Code § 4045(b)|
|Civil Code § 4950(b)|
|Civil Code § 5730|
|Civil Code § 5850|
|Civil Code § 5920, 5965|
|Civil Code § 4765|
|Civil Code § 5655|
1-120 Days After the Start of the Fiscal Year
Review of Financial Statement
|Civil Code §5305|
|Right to receive annual report|
If the association's annual income exceeds $10,000, it must prepare an annual report and distribute a notice stating the report is available on receipt of a written request at the association's cost.
Note: If the association's annual income exceeds $75,000, it must include this notice with the review of its financial statement. Otherwise this notice may be distributed at any time.
|Corporations Code § 8321|
|Disclosure of asbestos within project|
If the association learns that any building in the project contains asbestos-containing construction materials, it must annually disclose to the owners and all employees the existence and location of these materials, information on how to obtain a contact of any survey identifying these materials, safety procedures (if known), results of lab tests on samples (if any), and (if known) health risks or impacts from exposure to the asbestos. Check statute for details.
Note: If the association has adopted an asbestos management plan, other information must be disclosed.
|Health & Safety Code § 25915 et seq.|