Article 20 of the Saudi Real Estate Unit Ownership, Division and Management Law

This article governs the financial side of the owners association and the manager's role in it:

1. Annual budget: The manager prepares a draft annual budget covering the costs of managing the shared property and maintaining the common parts, and submits it to the general assembly for approval.
2. Financial year: It lasts 12 months, as set by the bylaws. As an exception, the first financial year may be from 6 to 18 months, starting from the date the association is registered.
3. Statements and reports:
   • For each financial year, the manager prepares financial statements and a report on the association's activity and financial position, within 3 months of the end of the financial year.
   • He makes them available to the auditor, if there is one, at least 45 days before the general assembly meets.
   • He provides the Authority and every owner with a copy of them and of the auditor's report, if any, within one month of preparing them.

This article gives every owner a practical right to obtain a copy of the financial documents, which promotes transparency. It connects to Article 19, which makes the manager liable to compensate damage resulting from violating the provisions of the Law or the bylaws, and to Article 21, which makes the manager's decisions and contracts relating to the shared property, once approved by the Authority, an enforceable instrument against the owners under the Enforcement Law.

An owner who has not been given the financial documents, or who has comments on them, can consult a lawyer who specializes in real estate disputes.