If you are a condo owner, or serve on a condo board, you should be aware of recent changes to the Michigan Condominium Act. The new law, which takes effect on January 14, 2014, requires the following:
1) An association with annual revenues greater than $20,000.00 must have its financial records independently audited or reviewed by a certified public accountant on an annual basis. (An association may opt out of this requirement only if there is an annual vote by a majority of the association members).
2) An association must make available for examination by any of the co-owners, at convenient times, the books, records, contracts and financial statements concerning the operation of the condo project.