Our country is in the middle of an economic downturn fueled by excessive optimism. Too many Americans borrowed money for a home, driving up prices, with little or no margin to handle mortgage payments. They were sure that their income would remain stable, and they were sure that the home would increase in value enough that they could refinance if things got tough. Well, things got tough, but not the way anyone expected.
Duty of Care. Community association boards must give the business of their associations the same degree of care and diligence that prudent persons would exercise in their own affairs in similar circumstances. The duty of care requires directors to invest time and attention in association business, make reasonable inquiry into association matters to enable informed decision-making, and take reasonable, not arbitrary or capricious, actions.
We were recently doing a site inspection for a luxury mountain timeshare. It was relatively new, and the engineer had plenty of tales of the “kinks” that he had to work out to get the facility running smoothly. The story of the garage goes like this:
Our interactions with the “real people” in this industry are always interesting and often entertaining. On what might be considered a “normal” site inspection, there is often something humorous or fascinating that happens if you just pay attention. In the last month, I came home several times with a smile and a story. Here’s a recent anecdote:
Inspired by National Public Radio’s “Wait, Wait, Don’t Tell Me” weekly radio show, read the following three Association stories, and guess which of the three is not true. The stories, and the answers, can be found on our website.
Ever wonder why Reserve Study providers are busy in the summer and fall of the year? Ever wonder how your Fiscal Year End compares to others?
