Colorado Law · Records & Transparency · § 38-33.3-209.4

Colorado’s Annual Disclosure Under § 38-33.3-209.4: What Owners Must Be Able to See Every Year

Colorado requires the association to make a defined packet available to owners every year, without a records request: the budget, the assessments, the financial statements and reserves, the audit or review, the insurance schedule, the governing documents, last year’s minutes, and the responsible governance policies. The list is short enough to calendar.

Educational notice. This information is educational in nature and should not be construed as legal advice. Statutory language is quoted from the Colorado Revised Statutes and enrolled bills as published by the Colorado General Assembly at the time of writing. Consult qualified association counsel regarding legal interpretation specific to your jurisdiction.

Version note: verified against the 2024 Colorado Revised Statutes (Office of Legislative Legal Services printout) and enrolled bills HB 25-1043 (effective October 1, 2025) and HB 26-1099 (effective August 12, 2026); later amendments are possible.

The Short Version

Section 38-33.3-209.4 of the Colorado Common Interest Ownership Act (CCIOA) has two disclosure lists and one delivery rule:

1. Identity disclosure (§ 209.4(1)). Within 90 days after assuming control from the declarant, and within 90 days after the association’s address, designated agent, or management company changes, the association makes available its name, its designated agent or management company, a valid physical address and telephone number for each, the name of the community, and the declaration’s initial recording date and reception number (or book and page).
2. Annual disclosure (§ 209.4(2)). Within 90 days after turnover and within 90 days after the end of each fiscal year, the association makes available a defined set of financial, insurance, and governance documents.
3. Delivery (§ 209.4(3)). At no cost to owners, by website (with notice of the address sent by mail or e-mail), by a literature table or binder at the principal place of business, or by mail or personal delivery.

Communities created before July 1, 1992 are reached by §§ 209.4–209.7 from January 1, 2006 (§ 38-33.3-117(1.5)); confirm applicability with counsel. HB 26-1099, effective August 12, 2026, adds the declarant’s reserve study to the annual list.

Which Communities the Rule Reaches

• Communities created on or after July 1, 1992 are generally subject to CCIOA, including § 209.4. Section 38-33.3-116 (as amended by SB 24-021, effective August 7, 2024) generally limits certain cooperatives and planned communities to §§ 105–107 unless they opt in: those with only nonresidential units, those with no more than 20 units and no development rights, and planned communities whose declaration caps average annual common expense liability per residential unit at $400 (CPI-adjusted from July 1, 1999).
• Communities created before July 1, 1992 are subject to §§ 209.4 to 209.7 for events and circumstances on and after January 1, 2006 (§ 117(1.5)). Small preexisting cooperatives and planned communities described in § 119 are subject only to §§ 105–107 unless they amend in.
• Time-share units are excluded from § 209.4 by § 209.4(4).

This matters when a board of an older community assumes CCIOA “mostly doesn’t apply” to it. The disclosure sections are among the provisions the legislature listed for pre-1992 communities; whether a particular community is covered is a question for its counsel. See the pre-1992 communities explainer for the full § 117 phase-in table.

The Identity Disclosure: § 209.4(1)

The first list identifies who the association is and who to contact:

• the association’s name;
• the name of the association’s designated agent or management company;
• a valid physical address and telephone number for both the association and the designated agent or management company;
• the name of the common interest community; and
• the initial date of recording of the declaration, and its reception number or book and page.

The statute sets two clocks: within 90 days after the association assumes control from the declarant, and within 90 days after the association’s address, designated agent, or management company changes. This matters when a community changes management companies. Section 38-33.3-401(2) separately requires registration information to be updated within 90 days after any change.

The Annual Disclosure: § 209.4(2)

Within 90 days after turnover and within 90 days after the end of each fiscal year, the association makes the following available to owners:

Reading the list as a board

• The financial statements include reserves. Section 209.4(2)(d) calls for annual financial statements The financial statements must show reserves.ldquo;including any amounts held in reserve.The financial statements must show reserves.rdquo; The disclosure is one of the few places CCIOA puts the reserve balance in front of every owner. The 2024 CCIOA text contains no requirement to fund reserves to a set level; the disclosure is a transparency rule, not a funding rule. See Colorado’s reserve study policy.
• “Results of the most recent audit or review” does not itself require an audit. Under § 303(4)(b), an audit is required only when the association has annual revenues or expenditures of at least $250,000 and owners of at least one-third of the units request it, and a review is required only when owners of at least one-third of the units request it; otherwise it is at the board’s discretion. The disclosure reports the most recent available one.
• The insurance list is detailed. Limits, deductibles, additional named insureds, and expiration dates for every policy. A certificate of insurance may not show every field the statute lists.
• The policies go out with the numbers. Because the § 209.5 policies are on the list, owners can read the collection, enforcement, and records policies without filing a request. See the 209.5 policies article.

The 2026 addition: the declarant reserve study

HB 26-1099 (signed April 13, 2026; Session Laws 2026, ch. 42; effective August 12, 2026) added § 38-33.3-209.2, which generally requires the declarant of a planned community or condominium, before transferring control, to commission and pay for a reserve study projecting 30 years of costs, prepared by an independent professional with no business relationship with, financial interest in, or affiliation with the declarant. The same act adds the most recent declarant reserve study to the annual disclosure as § 209.4(2)(j). Whether § 209.2 reaches communities already past turnover on August 12, 2026, or pre-1992 communities, is not settled in the sources CICSC has verified; that is a question for counsel.

The Three Delivery Methods: § 209.4(3)

The disclosure is made at no cost to owners by any one of:

1. Website posting, with notice of the web address sent to owners by mail or e-mail;
2. A literature table or binder kept at the association’s principal place of business; or
3. Mail or personal delivery of the materials.

The statute treats the cost of distribution as a common expense. Under the website method, the notice of the web address, by first-class mail or e-mail, is part of the method. Boards commonly keep a dated copy of that notice with the year’s disclosure file.

How the Disclosure Fits Colorado’s Annual Cycle

The annual disclosure sits inside a set of recurring CCIOA obligations that are easiest to manage on one calendar:

• Budget ratification (§ 303(4)(a)). Section 303(4)(a) generally provides that, within 90 days after adopting a proposed budget, the board delivers a summary to all owners and sets an owners’ meeting, and that unless the declaration requires otherwise the budget is deemed approved absent a veto by a majority of all owners (or a larger percentage the declaration specifies), whether or not a quorum is present. Section 303(4)(a)(II)(B) contains an exception for certain pre-1992 communities with capped assessments. See the Colorado assessment authority article.
• Annual DORA registration (§ 38-33.3-401). Registration is valid for one year. Section 401(3) generally suspends the lien-enforcement and § 123 enforcement rights of an association that fails to register or whose registration has expired, until it is validly registered; recorded liens are not extinguished. HB 25-1043 (effective October 1, 2025) added § 401(3.2), under which registration also reports delinquency, judgment, payment-plan, and foreclosure counts. See the DORA registration article.
• Owner education (§ 209.7). Section 209.7 generally requires the association to provide, or cause to be provided, free education to owners at least annually on association operations and the rights and responsibilities of owners, the association, and the board under Colorado law; the board sets the compliance criteria. Under § 209.6, the board may reimburse board members’ expenses for Colorado-specific governance education as a common expense.
• Records (§ 317). All documents in the annual disclosure are themselves association records under § 317(1)(h.6), along with a current list of sale-related fees and the status-letter charge (§ 317(1)(h.5)). Records beyond the disclosure packet are reached through the § 317 inspection process. See the Colorado records article.

Practical Scenarios

The December Fiscal Year

An association’s fiscal year ends December 31, and its CPA review usually arrives in April. What the statute says: § 209.4(2) sets a 90-day window after fiscal year-end and refers to “the results of its most recent available” audit or review. How a later-arriving report is handled is a sequencing question boards commonly take to their accountant and counsel.

The Management Company Change

A board ends its management agreement. What the statute says: § 209.4(1) refers to updated information within 90 days after a change of management company, and § 401(2) to updated registration information within 90 days after any change. From August 12, 2026, § 317(9) (HB 26-1099) generally requires a former management company to deliver association property, records, accounts, passwords, and keys within 45 days at no charge. Those records are the raw material of the next disclosure.

Disclosure Checklist

• Fiscal-year end date and the 90-day deadline that follows, on the board calendar.
• Identity disclosure current, with a dated record of the last update and the trigger for it.
• Each § 209.4(2) item collected, dated, and compared with the statutory list, including the insurance detail fields.
• From August 12, 2026, the declarant reserve study, where one exists.
• Delivery method chosen and documented. For website delivery, a copy of the address notice sent to owners.
• The same documents filed as § 317 records.

Frequently Asked Questions

What is the Colorado HOA annual disclosure?

It is the set of identifying, financial, insurance, and governance documents C.R.S. § 38-33.3-209.4 requires an association to make available to owners within 90 days after turnover and within 90 days after each fiscal year ends, plus an identity disclosure updated within 90 days after any change.

Can the association charge owners for the disclosure?

Section 209.4(3) states that the information is to be readily available at no cost to owners and that the cost of distribution is accounted for as a common expense. How that applies to a particular request is a question for association counsel.

Does it apply to pre-1992 communities?

Section 38-33.3-117(1.5) lists §§ 209.4–209.7 for pre-1992 communities from January 1, 2006, subject to § 119 and the time-share exclusion. Whether a particular community is covered is a question for its counsel.

Does the disclosure require the association to get an audit?

Section 209.4(2)(e) calls for the results of the most recent available audit or review. Whether one is required at all is addressed by § 303(4)(b), which generally requires an audit only when revenues or expenditures are at least $250,000 and owners of one-third of the units request it, and a review only when owners of one-third of the units request it.

Is the annual disclosure the same as DORA registration?

They are separate. The disclosure goes to owners; registration goes to the Division of Real Estate under § 38-33.3-401, and § 401(3) ties certain lien and enforcement rights to valid registration.

Key Takeaways

• Section 209.4 requires an identity disclosure (90 days after turnover or after a change of address, agent, or management company) and an annual disclosure (90 days after turnover and after each fiscal year-end).
• HB 26-1099 adds the declarant reserve study as § 209.4(2)(j) from August 12, 2026.
• Delivery is at no cost to owners, by website with address notice, a literature table or binder, or mail or personal delivery.
• Section 117(1.5) lists the disclosure sections for pre-1992 communities from January 1, 2006; confirm applicability with counsel.
• Boards commonly calendar the disclosure with budget ratification, DORA registration, and annual owner education.

References & Sources

1. C.R.S. § 38-33.3-209.4 — Public disclosures required; identity disclosure, annual disclosure, methods. Colorado Revised Statutes 2024, Title 38. content.leg.colorado.gov — crs2024-title-38.pdf
2. C.R.S. §§ 38-33.3-116, -117(1.5), -119 — Small communities; pre-1992 applicability (same source).
3. C.R.S. § 38-33.3-303(4) — Budget adoption and owner veto; audit and review (same source).
4. C.R.S. §§ 38-33.3-209.6, -209.7 — Board education as common expense; annual owner education (same source).
5. C.R.S. § 38-33.3-317(1)(h.5), (h.6) — Association records (same source).
6. C.R.S. § 38-33.3-401 — Annual registration with the Division of Real Estate (same source).
7. HB 26-1099, Protect Financial Condition of Homeowners’ Associations, Session Laws 2026, ch. 42, effective August 12, 2026. leg.colorado.gov/bills/hb26-1099
8. HB 25-1043, Owner Equity Protection in HOA Foreclosure Sales, Session Laws 2025, ch. 433 (adds § 401(3.2)). leg.colorado.gov/bills/hb25-1043
9. SB 24-021, Exempt Small Communities from HOA Requirements, Session Laws 2024, ch. 53. leg.colorado.gov/bills/sb24-021

Related Resources & Additional Reading from the CIC-SC Library

• Colorado’s Reserve Study Policy — what the reserve figures in the disclosure do and do not imply.
• Declarant Control and Turnover in Colorado — where the first disclosure comes from.
• Status Letters and Resale Disclosures in Colorado — what a buyer sees at sale.
• Texas Association State Compliance Checklist — the Texas counterpart obligations.

Tags: Colorado annual disclosure · C.R.S. 38-33.3-209.4 · CCIOA · HOA transparency · operating budget · reserve disclosure · insurance list · responsible governance policies · HB 26-1099 · Colorado HOA governance

Disclaimer. This article is published by the Common Interest Community Standards Council for educational and informational purposes only. It is not legal advice and does not establish an attorney-client relationship. Statutory references and procedural frameworks are intended to support informed governance, not to substitute for advice from qualified Colorado legal counsel. Boards and managers should consult their association’s attorney about the application of any statute, governing-document provision, or governance decision to their specific circumstances. CIC-SC, its authors, and its members assume no liability for actions taken in reliance on this content.

Published by the Common Interest Community Standards Council (CICSC). Part of the CICSC Member Education Library. © 2026 CICSC. Educational use permitted with attribution.