HOA. Fiduciary Rules Violations

Started by StanleyP1 • 5 replies • 1509 views

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StanleyP1 (Florida)
Posts: 1

Posted:

Our HOA Board is spending monies above their Limited authority; without Homeowner Approval over $5,000.
In particular, spending monies from settlement with builder which were placed in General Fund and not in "Settlement Account" since there was no specificity in the settlement agreement.

Any Comments???

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Find out why? There may be some very valid reasons. Talk to the board, officers, etc.

DanielH1 (California)
Posts: 482

Posted:

I agree: the first step is to ask. It may depend on the phrasing/interpretation of your documents.

SusanW1 (Michigan)
Posts: 5,202

Posted:

Perhaps the "settlement" is being used to correct the wrong, hence the lawsuit.

That was the purpose of the settlement. So if the spending funds are directed to the issue, then no vote would be needed, IMHO.

Best thing to do is to ask.

GlenL (Ohio)
Posts: 5,491

Posted:

With all due respect Steven, Daniel and Susan I disagree. If everyone asked simple questions instead of listening to unfounded rumors and jumping to the conclusion that something nefarious was afoot, we wouldn't have any posters.

Studies show that 5 out of 4 people have problems with fractions

SusanW1 (Michigan)
Posts: 5,202

Posted:

well, we all like to be needed, don't we

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