---
title: HOA loan used by board member for pet projects
description: My 53 unit Condo Assoc. is in a financial mess, due mostly to mis-management by no nothing Directors who have not properly funded our replacement reserve or even had a budget ratified in the past ten years.
---

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# HOA loan used by board member for pet projects

| [Board of Directors](https://www.condoassociation.com/blog/topic/board-of-directors) |  

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## What do you think? Question:

My 53 unit Condo Association is in a financial mess, due mostly to mis-management by no nothing directors who have not properly funded our replacement reserve or even had a budget ratified in the past ten years. The Board, consisting of three Unit Owners and three residents recently voted the Secretary out of Office, and the President also resigned. In the meantime a resident Director, who crowned himself President, applied for, and received, a 300,000 secret HOA loan from the Mutual of Omaha, and is spending the money fixing what he thinks, needs to be done. His accomplices are two old lady residents, and one unit owner who serves as Treasurer. Proper notice was not given regarding a Special Meeting. Of the $300,000, $34,000 was illegally added to our Replacement Reserve which had a previous balance of zero. I've lived here for 27 years, and have done more than my share of work. What sticks in my gut, is residents, who are not bound by our governing documents, to dictating to those of use that are Unit Owners, and must pay the bills. I have sent two letters asking for information regarding the loan. The first dated April first, the second (Certified, return receipt) unanswered. Go figure...

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## What do you think? Answers (10)

#### What are your thoughts on this topic?

***Comments and postings are not legal advice**, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other. *  
  

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