Furthermore, poor management of accounts can result in a loss of trust among condominium owners, compromising the effectiveness of the administration and, in extreme situations, leading to the dismissal of the trustee.
Article 1,348 of the Civil Code determines that the trustee must report to the assembly at least once a year, or whenever requested by the condominium owners.
This process is essential to ensure that the condominium administration complies with current legislation , guaranteeing transparency and responsibility in the management of financial resources.
According to the law, the financial statements must include all details about the condominium's income and expenses, as well as its current financial situation. This includes:
Presentation of documents such as balance sheets;
Income and expense statements;
Bank statements;
Evidence related to financial transactions.
The minimum frequency required by law is annual, but there is nothing to prevent the trustee from providing more frequent accounts, such as half-yearly or quarterly, especially in larger condominiums or those with more complex financial transactions.
Approval of the financial statements
The approval of the financial statements takes place during the taiwan telegram data condominium assembly, where residents have the opportunity to evaluate the financial reports presented by the condominium manager.
It is after approval that the condominium's financial management receives the approval of the condominium owners, legitimizing the decisions taken throughout the period.
For the accounts to be approved, it is necessary to reach the quorum stipulated by the condominium agreement , which is generally the majority of those present.
During the meeting, condominium owners can discuss the reports, raise questions and make suggestions before voting to approve or reject the accounts.
If the accounts are not approved, the trustee may be asked to provide additional information or correct any errors, thus ensuring transparency and trust in the management process.
Technology can assist and greatly facilitate the accountability process , making construction more efficient and less susceptible to errors.