HOAleader.com - Tip of the Week - September 30, 2022

Published: Fri, 09/30/22

HOAleader Video: The Risks of the HOA President Lending the HOA Money

In this month's video, we tackle conflicts of interest—or potential conflicts.

We're answering an HOAleader.com reader's question about whether a board president should resign because of a business arrangement made with the HOA.

The president made a loan to the HOA with 4 percent interest to pay off an underreserved roof repair expense. The governing documents say loans are permitted from financial institutions, and the loan was secured by the HOA's future income and assessments.

Click on the arrow below to hear a short clip in which HOAleader.com experts Dan Zimberoff of California and Jeff Vollmer of Michigan discuss whether it was permissible for this president and this HOA to enter into this business deal.

HOAleader video tip of the week thumbnail

And don't miss the extended video article with Dan and Jeff where they offer their expert opinions on the questions you should be asking to determine whether your board members have a conflict and the steps you may be able to take to clear conflicts, if they exist. Click here to view the full video interview.

Best regards,
Matt Humphrey
President

Upcoming Event

Enforcement of Your HOA’s Rules:

How to Create Enforceable Rules, Effective Fines, and a Fair Violation Process

An Exclusive HOAleader.com Webinar
With Practical Tips for Condo and HOA Boards

Thursday, October 13, 2022
2:00-3:30 p.m. Eastern

Learn more or register now »

Members save $30!

Recent articles posted at HOAleader.com:

Colorado Governor Signs More-Restrictive Condo/HOA Law

A new Colorado law, passed by the governor in June, makes condo/HOA collections, foreclosures, and rules enforcement more difficult. Here, we provide highlights and explain whether these types of changes are likely to be enacted in other states...

Click here to read full article

Does Your Condo/HOA Need an Anti-Harassment Policy?

After an HOAleader.com reader asked whether there's a law in Pennsylvania requiring that community associations have an anti-harassment policy, another reader chimed in to say that some insurers now require such a policy...

Click here to read full article

What Condos and HOAs Are Doing to Combat Inflation

At our recent "Ask Us Anything" webinar, a listener asked: What actions can an HOA board take to preserve the purchasing power of the association's reserve fund, given the current 8.5% rate of inflation?...

Click here to read full article

The Most-Violated Rules Driving Condo/HOA Boards Around the Bend

Let's have some fun, shall we? We asked our experts to name the HOA rules that were getting trampled on so often that boards were losing their patience. We also asked for solutions that finally ended the rule breaking and stress. Did the board change the rule to give it more teeth? Undo the rule? Impose a huge fine as an example?...

Click here to read full article

Trend Watch: Are Condos/HOAs Under Attack?

An ecologist advocating for homeowners to get over their green lawns recently asserted: "There is a national movement to reduce the power of homeowner associations," he said. He cited such examples as the recently passed Maryland legislation that bans HOA rules against so-called low-impact landscaping like pollinator or rain gardens...

Click here to read full article

Get your own copy!

Subscribe to the HOAleader.com Tip of the Week here

Please feel free to forward the *entire text* of this email to others.

Copyright 2022, Plain-English Media, LLC
(866) 641-4548
https://www.hoaleader.com

Plain-English Media, 909 Marina Village Parkway #183, Alameda, CA 94501, USA

Unsubscribe | Change Subscriber Options