Absolutely true but difficult. We thought we had done that (2 CPAs here with 60 years business experience between us). But the effort it took to get the info should have been a clue to us that all was not right. It wasn't until we attended a meeting and asked questions that we realized the management company really didn't know what they were doing and the board was following their advice.Before you buy a condo, insist on seeing past board minutes as well as the annual budget, bylaws & history of any special assessments, and especially the current status of the reserves. A LOT of the associations have kept fees low by not funding adequate reserves / necessary maintenance. Don't buy someone else's problems!!