"Two years ago we had to judge a $ 385,000 to determine whether to replace our roof. It was not installed correctly no permit was pulled, a guarantee was advised and refused, and the roof failed inspection. Our housing was cheap. Now We are being re-examined in order to replace the same roof. Did we have as owners of the resort to go back to previous condo board for their bad financial decisions? "
Unfortunately, because of lack of money, are sometimes forced to condominiumsmake what seems to be a bad financial decision. Impact of the decisions of the owners, either positive or negative way. Prevention is better than a pound of cure, especially when it comes to these types of questions.
The following preventive measures should be taken from each condo, when financial decisions about the repair or replacement of capital assets of the association must be made.
The board then takes a decision to retain the asset has been assessed, or by an analysisprofessional.
Based on the analysis that the financial decision of the capital asset will be repaired or replaced.
The Board or an ad hoc committee will be at least three written proposals / bids from professional contractors.
The Board or Committee shall examine and document the references to the bidder.
The Board deals with documents and information about the projects done by the bidders on other properties.
The owners are called to an information session to the reportResults of professional assessment, done to make the offers and the results of reference checks and work by the three bidders, and to discuss the financial impact of the repair or exchange.
Taking into account the opinions of the owners, is the financial decision was taken to the bidder receives the order.
The Board receives a copy of the contractor's performance bond and insurance.
The Board receives copies of permits.
The Board will receive a guarantee on the project, which isfor the nature and the life of the assets.
If the above steps are not taken by the board in decisions that are fiduciary responsibility to provide adequate financial decisions are not met. The declaration of each condominium association and statutes specifically mandate that the board is not fulfilling its fiduciary responsibility when the stock of fixed assets of the association are not properly maintained or finances do not use them.
If the poor financialDecisions are taken by a board, the owners have several courses of action they can take. You can follow the steps listed in the statute to remove one or all members of the Board. You can hire an attorney to file a complaint against the Board, including the previous board members. The cost of a lawyer can appear prohibitive, but perhaps less than other special guest. You can make a radio or TV station contact to get pressure on the boat --- this actioncan prevent future make bad financial decisions. As a last resort, homeowners can choose one in order from the association.
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