Quote:
Posted By GoldF on 11/26/2008 10:45 PM
one of ouuur board members is making money through his insurance buisness for our community. He has given a disclamer always about using his buisness for the homeowners insurance. Can you makemake money when u are serving on the board is that legal? and correct?.
Gold,
If the assn has acquired its insurance through the board member's insurance agency the potential conflict of interest should have been reported to the board b/4 they voted to acquire the insurance. If the other board members don't have a problem with this, and it's all out in the open, then there is nothing wrong. I doubt your assn docs address conflict of interest, however, you may want to check out state law to find out exactly how conflict of interest should be handled. Look in the nonprofit corp statutes and also in the HOA statutes, if there are any.