I live in a large condo complex in Illinois. The Condo Association is relatively new since its inception in 1995. I discovered by reading the blogs published daily on this site, (which by the way, I enjoy greatly), that most condo associations, much larger in size than mine, and some also condo associations smaller, that they have instituted in their bylaws, special policies to protect the homeowners. I find many have Conflict of Interest policies, Code of Ethics policies in place. I've learned that our HOA has no governing documents in place.
There has been several accusations of board decisions, that involved possible conflict of interests and code of ethic violations. For the last few years, this board has repeatedly incurred $25,000 - $60,000 expenses, placed under Miscellaneous with no explanation, unless a homeowner raises an issue with them. I would like to see policies like conflict of interest, code of ethics, and a disclosure policy pertaining to miscellaneous funds and dollar limits on these. How can concerned homeowners initiate these policies in place. I doubt, very much, that the board will entertain such an idea. Are petitions necessary?...and at what percentage needed, in order for this to happen? Comments would be appreciated. Thank you.
