Special assessments are commonly used to pay for unexpected repairs and replacements occasioned by unforeseen, and often catastrophic events, such as a roof replacement after a wind/hailstorm where insurance proceeds are insufficient to cover the costs, or to pay for an elevator replacement when a condominium building’s only elevator unexpectedly fails. Once you have decidedGo to Resource
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Many boards struggle with the question of whether or not to amend their governing documents. Below are some standalone reasons to amend certain governing documents in order to protect your community, property values, and the volunteers who serve on the board. Articles of Incorporation Limit Liability of Directors The Colorado Revised Nonprofit Corporations Act (“NonprofitGo to Resource
Although we deal with terms like “directors” and “officers” quite often, many do not understand the difference between the two terms and qualifications to serve in such positions. This article will focus on explaining the difference between these two positions as well as explaining director and officer qualifications. Directors The word “director” is synonymous withGo to Resource
Outdated and burdensome provisions within the HOA’s governing documents can serve to hinder operations and create confusion. Common examples include developer rights that no longer apply to the community, outdated assessment restrictions, and a lack of utilization of technological advances. The issue of outdated governing documents is especially important given the extensive recent legislative changesGo to Resource
The terms “energy” and “efficient” are used every day in all aspects of life, both on a local and global scale. Homeowners associations are not immune from these terms or their application. The Colorado Common Interest Ownership Act (“CCIOA“) contains an entire section (106.7) that addresses energy efficiency measures with respect to associations. The termGo to Resource