The Colorado Common Interest Ownership Act (“CCIOA”) provides a step-by-step process for budget ratification for communities created after July 1, 1992. Associations created before July 1, 1992, and those that are otherwise exempt from CCIOA, are not required to follow the CCIOA budget ratification process and must follow the budgeting and assessment processes set forthGo to Resource
Newsletters
Board members owe several overarching fiduciary duties: the duty of reasonable care and attention, the duty of loyalty to faithfully pursue the community’s interests, and the duty of obedience to follow the association’s governing documents and policies. To fulfill these duties, a community association board member must exercise appropriate financial stewardship. Responsible fiscal responsibility hasGo to Resource
Luckily, it doesn’t happen often, but we have all heard horror stories about dishonest managers or board members absconding with association money, funded through assessments paid by owners in the community. It is always a devastating situation and it leaves board members asking if there were steps that could have been taken to avoid suchGo to Resource
If done the right way, a homeowner forum can achieve many goals. It can capture community-wide interests and concerns. It can give the owners a voice. It’s great for generating opinions, feedback and new ideas. It will increase the Board’s awareness of potential problems on the horizon. And, hopefully, it will engage and foster futureGo to Resource
The Colorado Common Interest Ownership Act (“CCIOA”) requires board meetings be open to attendance by owners in the community unless the board goes into executive session. All owners are therefore allowed to attend any portion of board meetings except when they are excluded from a properly called executive session. CCIOA authorizes boards to go intoGo to Resource