Without assessments, community associations would be unable to function. Boards of directors have a duty to collect assessments from owners to ensure their associations can operate. While the issue of delinquent homeowners is largely unavoidable, associations can set themselves up for success when collecting late assessments by following best practices and avoiding common pitfalls. UpdateGo to Resource
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There are several universal best practices I find myself repeating over and over in discussions with managers and Board Members. The following are the top 10 points that I suggest all Boards consider. As you are navigating delinquent balances, keep the following pointers in mind: 10. Don’t throw good money after bad. Most of theGo to Resource
Has your community ever been accused of discriminating? Or perhaps someone even brought discrimination charges against your association? Unfortunately, discrimination accusations are easily flung these days and no association is immune. What can associations to do to protect themselves? Perhaps the most crucial step you can take is to arm yourself with knowledge. Knowledge ofGo to Resource
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
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