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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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hoatalk
Posts:490
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| 12/21/2005 6:19 PM |
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For those of you in CA, one of our recent news articles will be of great interest. For those of you in other states, this could be a glipmse of things to come in regards to records access.
http://realtytimes.com/rtapages/20051220_access.htm
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RogerB
(Colorado)
Posts:3724
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| 12/29/2005 7:33 AM |
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Here are guidelines I use to meet Colorado statute 38-33,3-209.5 for the Inspection and Copying of Association Records
The records of the Association shall be reasonably available for inspection and copying during normal working hours to a Unit Owner, or their appointed representative, in response to their good faith request for a proper Association purpose. The Association may withhold records such as those protected by attorney-client privilege and information which would be used for soliciting purposes. An Owner who discloses Association information for soliciting purposes shall be subject to a fine. However, privacy concerns are narrowly construed. For example, delinquent account information can not be withheld from an Owner if the request is made in good faith and for a proper purpose, despite embarrassment to an Owner.
The Owner shall submit a written request to the Registered Agent providing a) Name, b) Address, c) Date, d) purpose, e) Specific records for which copies are requested, f) Specific records for which only onsite review under supervision are requested. Upon receipt of a request the Agent shall contact the Owner to schedule a meeting within five business days and advise on the costs. The Agent shall monitor the inspection and make copies.
The Association shall disclose certain information to all Unit Owners annually and to an Owner when selling of a Unit. Disclosure of information may be accomplished by various means: (1) maintaining a binder at the Registered Agent’s office; (2) sending by E-mail upon request; (3) posting on an internet web page accompanied by notice of the web address; (4) first-class mail; and/or (5) personal delivery.
Information which shall be disclosed includes:
a) The name of the Association; the name of the Association’s designated Agent and Management Company, if any; physical address and phone number for both the Association and the designated Agent and Management Company, if any; and if the Association address, designated Agent, or Management Company changes then Owners shall be advised within 90 days;
b) The Declaration and amendments to the Declaration with the initial recorded date, and reception number or book and page;
c) The Articles of Incorporation and amendments thereto; current Bylaws; and all current Rules and Regulations;
d) The date the fiscal year commences; operating and reserve budgets for the current fiscal year; most recent Annual financial statements including a Balance Sheet and Income Statement; and report on results of any financial review or audit preceding the current annual disclosure;
e) The current regular assessment and special assessments, if any;
f) A list of all Association Insurance policies, including Property, General Liability, Directors and Officers Liability, and Fidelity. Such list shall include the Company and Agent’s names, Policy limits, deductibles, additional named insureds, and expiration dates;
g) Minutes of Member and Board meetings for the last year; and
h) Responsible Governance Policies, which shall include maintaining accounting records using generally accepted accounting principles (GAAP) and the seven required Rules and Regulations listed in Colorado Statute 38-33,3-209.5 (1) (b) : Enforcement of Covenants and Rules, including Notice and Hearing procedures and the schedule of fines; Collection of unpaid Assessments; Inspection and copying of Association records by Owners; Conduct of meetings; Handling conflicts of interest involving Board members; Investment of reserve funds; Procedures for the adoption and amendment of Policies, Procedures, and Rules.
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Roger Borcherding
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DARCO Property Management (Colorado)
(303) 925-0150 
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