While nearly all homeowners associations have some type of policies on the books, many HOA boards have little or no idea what type of insurance they have or need. This can potentially lead to expensive litigation and claims that can cost your association thousands, and sometimes even millions of dollars.
So, your homeowners association is contemplating doing a reserve fund study. Perhaps you are a new HOA and need to establish and start funding the reserves; or, you are an older HOA that has had a reserve for years, but it is time to update it. How many years should your HOA reserve study cover?
Well, it depends. HOA communities vary in size, age and the number and dollar value of the capital assets they own. They choose different maintenance strategies for short-lived and longer-lived capital assets. Let’s explore some of these issues.
When you hear the word “meeting” do you want to run in the other direction? We’ve all been in meetings that drag on and on, feel like a waste of time because nothing gets accomplished, or are outright exhausting because board members spend the time arguing with each other. What if you had a few tricks up your sleeve to make HOA board members actually look forward to meetings? Okay, at least not dread going to Association meetings? Here’s what you need to do.
What makes an average HOA board amazing and a good HOA board great? It can be summarized in one word: education. An educated board with committed members is the makings of a successfully run homeowners association. Add to the mix an invested property manager and you have a stellar combination.
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?
You've tossed your hat into the ring to become an HOA board member for your association. The ballots have been counted and you've been selected. But, what are the responsibilities of a new board member to their community? You owe a duty of good faith and fidelity to the homeowners association.
People and organizations are often afraid of evaluation because they’re afraid of failure. If we don’t fail we can’t learn, and if we aren’t given the opportunity to learn, we can’t grow. It’s in the best interest of the association for the HOA board to take the time to intentionally evaluate the HOA manager, ask questions, give honest feedback, and decide how the relationship can improve or if it’s time to part ways. Below are questions to help guide the evaluation process.
A homeowners association and its members disagree from time to time. When there's a dispute, the HOA board must provide the homeowner an opportunity to meet and confer with the board. Members must be provided with a fair, reasonable and expeditious procedure for resolving disputes with the Association without being charged a fee. The process is referred to as "Internal Dispute Resolution" (IDR).
If your homeowners association operates on the fiscal year, then Happy New Fiscal Year! Have your fellow HOA board members asked this question: how did we do last year? If not, then now’s the time to re-evaluate and ask the following questions so your Board sets the Association up for success.
As a homeowner or renter in a homeowners association, you know the importance of setting aside a little bit of money each month in case of an emergency. After all, you never know when you might have to replace an appliance or take your car to the mechanic. In order to effectively do this you’ve probably analyzed your budget and determined an amount that you can comfortably set aside each month so it’s there when you really need it.