California, like most states, has passed legislation defining how HOAs manage their affairs. Here, it’s called the Davis-Stirling Act. Davis-Stirling includes provisions for many aspects of HOA governance, but its requirements for annual disclosures to homeowners and to the state are most important.  These disclosures can be broken down into three broad categories: the annual budget report, the annual policy report, and miscellaneous other requirements.     Read the article…………………………….