Posted on Mon, Apr 22, 2013 @ 07:53 AM
How would you handle violation of two signatory rule on checks and contracts? Our by-laws state that all contracts and checks must be executed by two of the board members (directors or officers). For decades checks were signed by two signatories. A few years ago the treasurer unilaterally decided it was ok to tell the bank that only one signature was needed, probably out of convenience. This is a concern because now the treasurer can write a check without any oversight. How would you proceed to correct this?
Posted on Sun, Sep 16, 2012 @ 08:25 AM
I was surprised to learn that when an HOA files a lien against an owner's property for failure to pay their HOA fees, the lien does not take precedence over the 1st or 2nd mortgage. If you obtain a loan to purchase an automobile, take that automobile to a repair shop, and then refuse to pay the mechanic, he can file a lien against your car which is superior to that of the lender's lien. Similarly, if you hire a contractor to perform repairs on your home and then fail to pay him, he can also file a lien against your property which is superior to that of your mortgage lender. Why does this not hold true for HOAs? What can be done to change the law?
Posted on Fri, Aug 03, 2012 @ 08:24 AM
Our Condo Association’s last fiscal year ended April 30, 2012. Our Association by-Laws indicate Board has three months there after to hold Annual meeting. Since we purchased our Condo several years ago it’s been common practice for Board to deliver finance report from CPA illustrating Assets, Members Equity and summary of previous years Revenue and Expenses. The Board has never submitted an annual Budget for forth coming year. The meeting has usually been in May. The Board called our Annual meeting last Saturday with notification. It lasted ten minutes without distribution of any finance reports. Nothing, not even a blank page labeled finance report. Chairman blamed it on CPA. Yes, I know your going to ask, Chairman stated there would be no questions from floor and no discussion. Chairman moved to close meeting. The motion was seconded followed by no vote. Any thoughts!
Posted on Fri, Jul 27, 2012 @ 08:03 AM
How do other condo associations determine how much their Board of Directors may spend (from either the Operating or Reserves Account) without owners' approval? If a Board is consider certain non-operating purchases, can it simply determine and approve on its own what amount to spend? What policies can owners' put in place to regulate how much a Board spends? Does the answer differ for repair/replacement expenditures versus non-repair/replacement expenditures, such as installing a sprinkler system or fancier floor tile?
Posted on Sun, May 13, 2012 @ 09:05 AM
I am part of a 12 unit Townhome Association here in Nevada. Our current CC&R's provide for maintenance of all common areas such as Landscape, parking lot, trash, insurance, water, etc. and we all pay the same amount right now. We are now considering making building maintenance as part of the association responsibility. This would include siding, roofs, decks, outside lighting, gutters and metal flashing, painting etc. Since the individual Townhomes differ in size and some of the units would cost more to maintain then others, what would be an equitable way of charging for monthly assessments. Would it be by square footage of the unit, architectural footprint of each unit, the tax assessment of each unit or what. It doesn't seem fair to charge everyone the same monthly assessment if the smaller units are forced to pay the same as a large unit and I don't think this would even be legal to make someone pay for the maintenance on a larger unit that they have no ownership rights to. I am wondering how other units are assessed and what method you used to arrive at this. Thank you for your comments and suggestions.
Posted on Tue, May 08, 2012 @ 08:34 AM
What accounts should we have at our bank? We now have 5 different accounts. 1) Insurance fund 2) reserve study fund 3) contingency fund (for emergency maintenance, 4) ongoing exterior maintenance (items that are at zero life as stated from our reserve study and 5) our 30 year component reserves. Shouldn't 4 and 5 be combined as our reserves?
Posted on Fri, Apr 06, 2012 @ 07:48 AM
Our condo fees are $154 a month which pays for water, trash, grass cutting, snow removal, and roughly $15,000 for attoneys to place lien and foreclosure procedures for 2 years. Does the fees seem high? Are our legal fees high? How have other condos collect past due fees other than liens/foreclosures? How expensive is it to fill a lien? Can we do it ourselves? Please help!
Posted on Fri, Mar 30, 2012 @ 04:21 AM
I am new to this blog so forgive me if this question has been asked before. I am the POA president and as such am trying to help owners who want to sell, re-finance, or even get a reverse mortgage on their units. However, because less than 50% of our 44 units are owner occupied, we are not FHA approved. Ours has been a viable complex since it was built in 1985. It seems we are paying the price for the overbuilding of condos in Florida and California. The Board has approached our Congressman for help and his staffers suggest that it would be advantageous for us to enlist other Boards in our area of Northwest Arkansas. I don't know if this exchange of info is possible through this blog but would appreciate any insight or suggestions regarding our situation.
Posted on Mon, Mar 19, 2012 @ 08:18 AM
The HOA does provide a budget breakdown but it is not as specific as I'd like. Example: "Insurance" does not itemize to show how the cost was computed. How can I find that out?
Posted on Sun, Feb 19, 2012 @ 06:18 AM
An HOA board member stated that no way would they let an owner see the accounting records, can they do this when paying association dues every month on time? Thanks, Francie