Attorney Jeff Beaumont discusses the common budget mistakes made by homeowners association (HOA) boards. He dives into topics such as borrowing from reserves and special assessments.
Key Topics
- Borrowing from Reserves: Understand when and how it is appropriate to borrow from reserves for operational expenses. Learn about the legal requirements and procedural steps necessary to ensure compliance with civil codes.
- Emergency Special Assessments: Explore the criteria for levying emergency special assessments without membership approval, distinguishing between truly unforeseen expenses and those that should be anticipated in the budget.
- Proactive Budgeting: Discover the importance of proactive budgeting and planning to avoid financial pitfalls. Gain insights into anticipating potential costs, such as increased insurance premiums and infrastructure maintenance, to prevent budget shortfalls.
- Legal Implications: Learn about the legal ramifications of failing to comply with budgetary laws and guidelines, and how to safeguard your HOA against potential lawsuits and internal conflicts.
Resources
Civil Code 5610 on Emergency Special Assessments
The information provided in this podcast is for general informational purposes only and does not constitute legal, financial, medical, or any other type of professional advice. Listeners of this podcast should not rely on the information presented as a substitute for professional advice or services. Listeners should contact their attorney to obtain advice with respect to any particular legal matter.
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