Florida Community Association Manager Practice Exam

What must happen if 25% of members petition for an audit in a cooperative?

1. The association must prepare an annual audit

2. Hold a membership meeting within 30 days

3. Send a letter to all members

4. Vote on the petition in the next regular meeting

The correct answer is: Hold a membership meeting within 30 days

If 25% of members petition for an audit in a cooperative, it is required for the association to hold a membership meeting within 30 days. This provision ensures that the concerns of the members are addressed promptly and allows for a forum where the reasons for the audit and any other relevant discussions can take place. Holding a meeting facilitates transparency and provides members an opportunity to express their views and ask questions, fostering a sense of community and involvement within the cooperative. The urgency of holding the meeting within a specific timeframe is crucial, as it reflects the importance of member engagement and the need for accountability in managing the cooperative's finances. This legal requirement ultimately serves to protect the interests of the members and maintain trust in the cooperative's governance.