Association Balance Sheet
I'm new to this message board, but very happy I found it. I recently moved into a condo, and it's a new construction. This summer, the developer is handing over the association to the residents. A management company has already been in place (LandArc), with the developer calling the shots.
The financial statements of the association have been posted, in preparation of the "transition" board meeting, where the residents will get elected to the board. However, I noticed on the Association's balance sheet, there is a $54K loan from the developer - thus a liability. Is it typical in these situations where the association is just getting started, for the developer to hand it over already in the hole? Currently the dues are $99 a month, but surely with that level of debt already, the dues will have to be raised instantly!
Also, are there any resources for someone new to associations to read? I'm thinking of trying to get elected on the board, but not sure as to what exactly would be expected of me, and how much time it would take.