By January 1, 2025 over 32 million small companies must report their beneficial owners to the Treasury Department. Failure to report creates substantial criminal and civil liabilities for the company and its beneficial owners. The question has arisen, do homeowner associations have to report under the Corporate Transparency Act (CTA)? The State of Colorado seems […]
When damage occurs in condominiums or townhomes, one of the main questions is whose insurance is left holding the bag. Does the homeowner’s insurance pay? Or does the Homeowners Association’s? An Association’s responsibilities are laid out in their Covenants, Conditions, and Restrictions (“CC&Rs” or “Declaration”). However, when it comes to allocating insurance responsibilities between homeowners […]
As we approach the Fourth of July, you and many of your neighbors are probably planning to fly the American flag. However, if you live in a community governed by a homeowners association, this benign act of patriotism may be against the rules. In fact, a quick Google search reveals pages full of news articles […]
Congratulations! You have been “elected” to serve on your Homeowner Association (HOA) Board. So, what does that mean? What are your responsibilities? What should you do? The typical HOA Board is made up of four officers: President, Vice-President, Treasurer, and Secretary. The President typically prepares the meeting agenda, presides over meetings, appoints committees, execute contracts, […]
Homeowner assessments are charges levied by the homeowner association to pay for common expenses of the community. Some assessments are nominal. In other communities, the assessments can be substantial because the homeowner association pays for utilities, playgrounds, snow removal and other expenses typically paid for by the homeowner.