Part of a board member’s fiduciary obligation is to protect the assets of the association. In addition to money in the bank, these community assets may include tennis courts, golf courses, pools, tot lots, utility rooms or other recreational areas within the association. Often these assets are valued in the millions of dollars. In attempting […]
Fiduciary duty. We’ve all heard, but do we really know what it means? One very important thing to remember when living in an association is that the board is made up of owners. The difference is that these owners have volunteered their time to serve the community. They work hard to uphold aesthetic standards and […]
We all know and love our HOAs, but do we really understand an association’s purpose? There are two essential purposes which lie at the heart of every association: The first purpose is to maintain any common areas or maintenance easement areas (areas owned by an owner but maintained by the association) which exist within the […]