Chapter 5 - § 5.5 • INFORMATION THAT MUST BE PROVIDED TO UNIT OWNERS

• Jurisdiction: Colorado

§ 5.5 • INFORMATION THAT MUST BE PROVIDED TO UNIT OWNERS

The Uniform Act has a very abbreviated provision on association records, which merely says in effect that the association must maintain detailed financial records and make them and "other records" reasonably available to unit owners for their examination.¹⁴² Colorado, on the other hand, has statutes that have more extensive recordkeeping and disclosure requirements, and one that says simply that associations must maintain accurate and complete accounting records.¹⁴³

§ 5.5.1—Initial Public Disclosure

Associations are required to make certain information available to unit owners on reasonable notice¹⁴⁴ within 90 days after assuming control from the declarant.¹⁴⁵ Disclosure must be by: posting at an internet web page with accompanying notice of the web address via first-class mail or email, a literature table or binder at the association's principal place of business,¹⁴⁶ or mail or personal delivery.¹⁴⁷ The information that must be disclosed is:

• The name of the association.
• The name of the association's designated agent or any management company and, if the agent or management company is subject to licensure, the license number of the agent or management company.
• A valid physical address and telephone number for both the association and the designated agent or any management company.
• The name of the common interest community.
• The initial date of recording of the declaration.
• The reception number or book and page for the main document that constitutes the declaration.¹⁴⁸

Also, within 90 days after assuming control from the declarant — and within 90 days after the end of each fiscal year — the association must make certain other information available to unit owners on reasonable notice. That information is:

• The date on which the association's fiscal year commences.
• The operating budget for the current fiscal year.
• A list, by unit type, of the current assessments, including both regular and special assessments.
• The annual financial statements, including any amounts held in reserve for the fiscal year immediately preceding the current annual disclosure.
• The results of the most recent available financial audit or review.
• A list of all association insurance policies, including but not limited to property, general liability, association director and officer professional liability, and fidelity policies. The list must include the company names, policy limits, policy deductibles, additional named insureds, and expiration dates of the policies.
• All of the bylaws, articles, and rules and regulations.
• The minutes of all meetings of the governing board and of the members for the fiscal year immediately preceding the current annual disclosure.
• The statutorily required¹⁴⁹ responsible governance policies.¹⁵⁰

§ 5.5.2—Association Records

The CCIOA requires associations to keep:

• Detailed records of receipts and expenditures affecting the operation and administration of the association.¹⁵¹
• Records of claims for construction defects and the amounts received pursuant to settlement of those claims.¹⁵²
• Minutes of all meetings of the unit owners and governing board, a record of all actions taken by the unit owners or board without a meeting, and a record of all actions taken by any committee of the board.¹⁵³
• Written communications among, and the votes cast by, governing board members that are directly related to an action taken by the board without a meeting.¹⁵⁴
• The names of unit owners in a form that allows preparation of a list of the names of all unit owners and the physical mailing addresses at which the association communicates with them, showing the number of votes that each unit owner is entitled to cast.¹⁵⁵
• The current declaration, covenants, bylaws, articles of incorporation, if the association is incorporated, or the corresponding organizational documents if it is another form of entity; rules and regulations; responsible governance policies;¹⁵⁶ and other policies adopted by the governing board.¹⁵⁷
• Financial statements for the past three years and tax returns of the association for the past seven years, to the extent available.¹⁵⁸
• A list of the names, electronic mail addresses, and physical mailing addresses of the current governing board members and officers.¹⁵⁹
• The most recent annual report delivered to the secretary of state, if any.¹⁶⁰
• Financial records sufficiently detailed to allow the association to comply with the CCIOA concerning statements of unpaid assessments.¹⁶¹
• The most recent reserve study, if any.¹⁶²
• Current written contracts to which the association is a party and contracts for work performed for the association within the immediately preceding two years.¹⁶³
• Records of governing board or committee actions to approve or deny any requests for design or architectural approval from unit owners.¹⁶⁴
• Ballots, proxies, and other records related to voting by unit owners for one year after the election, action, or vote to which they relate.¹⁶⁵
• All written communications within the past three years to all unit owners generally as unit owners.¹⁶⁶
• Resolutions adopted by the board of directors that relate to the characteristics, qualifications, rights, limitations, and obligations of members or any class or category of members.¹⁶⁷

The CCIOA records statute says that these documents, in addition to any records specifically defined in the association's declaration or bylaws or expressly required by another statute,¹⁶⁸ are deemed to be the sole records of the association for purposes of document retention and production to...