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The purpose and protocol for executive sessions in a homeowners association are often misunderstood by both homeowners and board members. HOA Board members may call an executive session to discuss important matters and make crucial decisions involving privileged and private information.
Below are some frequently asked questions that you might have about executive sessions that will help to increase your knowledge and fulfill your duty to be informed as a member of the Board and Association.
If just a few homeowners aren’t paying their HOA fees it can be felt very quickly in an association’s budget. It can also cause a ripple effect. If too many homeowners fail to pay their HOA fees, lenders might start to be unwilling to finance mortgages in the association. This could lead to a decrease in property values.
When it comes to the annual budget for your homeowners association, it can feel cumbersome to understand and plan. It can also seem like an overwhelming task because you just don’t have a lot of accounting knowledge.
The budget planning process is a lot of work and a large responsibility for the HOA board to prepare. It’s a complex activity that has to start early so the budget can be finalized and approved prior to the beginning of the new Association fiscal year.
We’ve all heard the term “read the small print before signing on the dotted line” but how often do we really do this? An HOA board will be considering and entering into contracts on a regular basis and it’s not uncommon for otherwise cautious people to become jaded by the terms and conditions and just quickly glance over the documents.
A house is one of the biggest purchases a person will ever make, and most want to keep their homes looking beautiful not only for themselves, but also to entice future buyers. It’s also a regulation in most homeowners associations. From time to time, it’s a good idea for an HOA board to encourage residents to invest in some home remodeling to add to its appeal. Of course, before making any major changes to the home, residents need to go through the proper channels such as the association architectural committee for approval and the city for the necessary permits to make sure they don’t run into any legal issues.
Each and every homeowner’s association should have a reserve fund as part of its budget to plan and prepare for future repairs and maintenance, as well as unanticipated expenses and needs. HOA board members are responsible to make sure a reserve plan is in place for the Association, or at least ask the question about how the Board is planning for the reserves. If the Board is ignoring the reserves altogether, then it needs to actively seek out assistance to make this happen.
You don’t want to be that guy (or gal) do you? You know the one – unreliable, uninformed, and unmotivated. It seems like every Association or organization has this type of person that everyone just puts up with or secretly doesn’t like at all. Do yourself a favor: look at the following list and be honest with yourself. If you do any of these things, maybe it’s time to change or step down. If you can think of a fellow HOA board member who does this, maybe you could help them!
It’s that time of year—you’ve exchanged your swimsuit from long days at the community Association pool for sweaters and scarves just in time to roll down your sleeves and prepare your home for cooler weather. As we watch the warm days fade into the sunset, consider adding the following items to your winterization checklist, and ensure your home is in tip-top shape for the fall and winter seasons in your homeowners association.
Does your HOA board dread the annual meeting because it’s boring, no one shows up, and it seems completely and utterly pointless? If so, your Board is not alone. But it doesn’t have to be this way. In fact, the annual meeting in your homeowners association can actually be – dare we suggest – fun?!
Have you lost your copy of the Association bylaws? Would you like to read minutes from past board meetings? Would you like to read a resolution for background information on a homeowners association policy?
