What financial information should a new director review?

The budget tells you the plan. The financial statements tell you reality.

A budget is a projection approved before the year started. It is not proof of anything by itself. The financial statements, an income statement and a balance sheet, show what has actually been collected and spent so far. Ask for both, side by side, so you can see where actual spending is running ahead of or behind the plan. A category that is quietly overspending in month four is a much easier fix than the same problem discovered in month eleven.

The reserve study shows whether long-term repairs are actually funded

The reserve study is a physical inspection of the association's major common-area components paired with a funding plan for eventually repairing or replacing them. Some states require this study on a set schedule, with annual board review; others do not require one at all, so confirm what your state and your governing documents actually require before assuming a study exists or is current. [S7]

What matters as a new director is simpler than any funding percentage: is there a current study, was it based on an actual inspection rather than an estimate carried forward from prior years, and has the board reviewed it in the last year? The full question of whether the current reserve balance is adequate is covered in Understanding the reserve position.

The delinquency report tells you who owes money, and how long

A delinquency or aging report lists unpaid assessments by owner and by how many days or months overdue. A short list of recent, small balances is a very different situation from a long list of accounts that have been unpaid for a year or more, and the second version usually means the reserve and operating numbers you just reviewed are less solid than they look on paper. This report deserves its own close look, covered in Understanding current delinquencies.

You have a right to see the underlying records, not just a summary

Financial statements, budgets, and bank records are generally part of an association's official records, a defined set of documents the association must keep and make available to members and directors, not just something staff summarizes verbally at a meeting.

"the official records must be maintained within this state for at least 7 years and be made available to a parcel owner for inspection or photocopying within 45 miles of the community... within 10 business days after receipt."

Source: Florida Statutes, section 720.303, Florida Legislature

This exact retention period and response window is Florida's rule for Florida HOAs. Your state sets its own timeline, and some states handle this differently; check your state's statute and your own governing documents before assuming this figure applies to you. If a request for financial records gets no response, put the request in writing and cite the official records provision that applies in your state. For the full list of what to ask for, see Documents every director should obtain.