You serve on your homeowners association’s board of directors. You work hard preparing for and attending meetings and listening to the homeowners that elected you. And you do all this on your own time.
Despite your best efforts, your HOA board may be putting itself in legal jeopardy. Specifically, do you and your board know and understand what is required for annual disclosures?
Most HOA boards know that there are annual disclosures that have to be completed and sent out to the membership each year. But did you know that nearly all states also require that a homeowners association organized as non-profit corporation has the responsibility to file an annual report with the Secretary of State? Failure to do so could result in the Association losing its “Good Standing” status.