HOAleader Video: Can a Condo/HOA Board Fib a
Little on Special Assessments?
HOAleader.com - Tip of the Week - October 29, 2021
This week's tip is the latest HOAleader's ever-expanding library of quick tips on video. The topic for our experts this time is one based on a question from an HOAleader.com reader: Is it OK for a board to increase a special assessment amount to fund reserves (without fully disclosing the reserves part)?
Here's exactly what our reader wants to know: "Last year the board stated that a $24,000 roofing assessment was needed to replace all of our roofs per unit. The board president stated if you can't afford to live here, you must move. The vote went out to membership, and the roofing assessment passed because of many lies the board president said.
"The actual replacement of roofs costs between $11,000 to $14,000. She lied and stated she's keeping the balance in reserves for other needed repairs. The board president also is holding two seats, president and treasurer, while there are five board members; she insists on this. We need help to get rid of her she is out of control and not trusted."
Just click on the arrow below to hear a short clip in which two of HOAleader.com's experts—Janet Oulousian Aronson, a partner at Marcus Errico Emmer & Brooks in Braintree, Mass., who is licensed in that state, in addition to Rhode Island and New Hampshire, and Molly Peacock, counsel at Rees Broome in Tysons Corner, Va., who has represented condos and HOAs for 15 years—discuss whether
it's ever OK for a board to not be fully transparent about how special assessment funds will be used.
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Want more? Be sure
to check out the extended video article with these two pros where they provide clarification on the reader's possible misunderstanding about the president "holding two seats" by being treasurer and president.
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