Shopping or selling in The Canyons and staring at a stack of HOA documents? You’re not alone. In a resort village with a master association and many sub-associations, the numbers can be complex and the stakes are high. This guide shows you exactly what to request, what to look for, and how Utah law protects your right to the information you need. Let’s dive in.
Why HOA financials matter in The Canyons
The Canyons functions as a master-planned resort village with many condo and townhome communities plus a master association, the Canyons Village Management Association. That means your total cost can include both your building’s HOA and village-wide dues. Major village projects like parking, event programming, and infrastructure can influence assessments across multiple communities.
Understanding both associations’ budgets, reserves, and contracts helps you anticipate future dues, special assessments, and risk. It also informs your lender’s underwriting and your long-term ownership costs.
What to request from both associations
Request these documents from your community HOA or management and from the master association if applicable. Most items are required records under Utah law.
- Current budget and year-to-date budget vs. actual. Confirms regular assessments, expenses, and reserve contributions. Compare budgeted reserve funding to the reserve study recommendation.
- Profit and loss and balance sheet for the past three fiscal years. As of May 2025, Utah requires HOAs to make these available and to respond to records requests within two weeks. Look for low cash, negative equity, or reserves that seem thin relative to capital needs. See HB 217 practical guidance.
- Most recent reserve study and updates. Condo and community associations must conduct reserve analyses on a statutory schedule. Review timing and costs for big items like roofs, paving, and village infrastructure interfaces. See condo and community reserve provisions at Utah Code §57-8-7.5 and §57-8a-211.
- Reserve bank statements and designation detail. Verify that stated reserve balances exist in association accounts and are not commingled.
- Aging receivables and collection policy. High delinquencies can stress cash flow and lead to higher dues for everyone. Records access is addressed in Utah Code §57-8a-227.
- CPA audit, review, or compilation with footnotes. Independent reports can reveal related-party transactions, developer subsidies, or restricted-use funds.
- Board meeting minutes for the past 12 to 24 months. Minutes often capture special assessments, litigation updates, and master projects. CVMA posts updates and communications for village-wide items on its communications page.
- Major vendor and management contracts. Snow removal, landscaping, security, and any agreements tied to lifts or shared infrastructure can shape costs over time.
- Insurance certificates and claims history. Confirm coverage types and deductibles. Clarify whether the master association or sub-association holds primary policies for certain risks.
- Any notices of special assessments or planned capital projects. Include master association projects that may pass costs to sub-associations.
Your rights under Utah law
Utah gives owners access to core records, including governing documents, minutes, budgets, financial statements, and reserve analyses. Associations with active websites must post these records for owners at no charge. See Utah Code §57-8a-227.
Effective May 2025, House Bill 217 expands required disclosures to include a profit and loss and balance sheet for the previous three fiscal years and sets a two-week maximum to fulfill requests. Associations may not charge for electronic delivery. See the HB 217 overview.
Reserve analysis requirements differ for condominiums and community associations. Review the applicable statute and confirm your association type in the declaration. See condominium reserves and community association reserves.
How to read the numbers
Reserves vs. capital needs
Compare the reserve study’s recommended funding to actual contributions and balances. A low reserve balance relative to near-term projects suggests a higher risk of special assessments or dues increases.
Operating health
Look for repeated operating deficits or transfers from reserves to cover routine expenses. Structural underfunding often leads to catch-up increases. Review three years of P&Ls to confirm trends.
Delinquencies and collections
A high percentage of unpaid assessments puts pressure on services and reserves. Review the aging report and the collection policy to see how the board manages arrears.
Insurance and deductibles
Match policy limits and deductibles to the property type and shared systems. Clarify whether the master or sub-association is primary for certain exposures so you understand gaps.
Contracts and master costs
Long-term vendor agreements and master cost-sharing can lock in expenses. Note expirations, escalators, and any developer-era subsidies that may phase out.
Litigation exposure
Large or recurring legal fees can signal disputes or risk that may affect budgets. Check minutes, the P&L, and any disclosures on pending or threatened claims.
Special considerations in developer control
If a community is still under developer control, different rules and timelines apply for turnover. By default, the period of control ends upon certain statutory triggers, such as a sale threshold or recorded surrender. See Utah Code §57-8a-502. At turnover, associations should receive complete financial records, and developer-period finances are often audited.
Step-by-step due diligence in The Canyons
- Confirm whether the property is a condominium association or a community HOA, then pull the correct statutory checklist for records and reserves.
- Request records from the sub-association and the master association. Use the Utah HOA Registry to confirm contacts and owner rights.
- Download recorded CC&Rs, amendments, and plats from the Summit County Recorder to verify governance and boundaries.
- Compare budgeted reserve contributions to the reserve study and ask about any variance.
- Review minutes for discussions about CVMA projects, parking, lifts, or infrastructure that could affect costs. See CVMA background here.
- Ask your lender what HOA documents they require. Consider consulting an attorney to evaluate contracts, litigation, or unusual disclosures.
- Request any available resale packet early so you have time to review within your due diligence window.
Quick checklist
- Governing docs, minutes, current budget, and year-to-date actuals
- Last three years of P&Ls and balance sheets
- Most recent reserve study and reserve bank statements
- Aging receivables and collection policy
- CPA audit or review with footnotes
- Insurance certificates and claims history
- Major contracts and any special assessment notices
- CVMA dues, cost-sharing agreements, and project updates
Ready to move forward?
Reading HOA financials in The Canyons takes a careful eye and local context. If you want a clear, confident path to the closing table, we are here to help you request the right documents, coordinate with your lender, and navigate the village and master-association structure with ease. Reach out to Hank Pool for thoughtful guidance tailored to your goals.
FAQs
What is CVMA and how can it affect my dues in The Canyons?
- CVMA is the master association for Canyons Village that manages village-wide services and infrastructure, which can add master dues in addition to your sub-association assessments; learn more on the CVMA overview.
How fast can I get HOA records in Utah as a buyer or owner?
- Utah law requires associations to provide specified records within two weeks and prohibits charging for electronic delivery; see the HB 217 summary.
What is a reserve study and why does it matter in a resort village?
- A reserve study outlines timing and costs for major components like roofs and paving, helping you gauge the risk of special assessments; see reserve requirements for condominiums and community associations.
How do I verify whether my community is a condo or a non-condo HOA?
- Check the declaration and recorded documents via the Summit County Recorder and confirm association details through the Utah HOA Registry.
What are common red flags when reviewing Canyons HOA financials?
- Watch for low reserves versus the study, recurring operating deficits, high delinquencies, large legal fees, and master projects that may raise costs; for reserve funding context, see this Utah reserves resource.
