Info Bytes 01.27.22

CIC Info Bytes are frequent, succinct updates that provide educational and engagement opportunities to help your community thrive!

What's New

    • CAI Exchange Topics

      1. Reserve Investing - Can CICs invest in US Government debt if their governing documents require FDIC insurance coverage (available up to $250,000 per financial institution (including CDs invested at unique institutions)???

        • Both FDIC insurance AND US Government debt (Treasury Bills / Bonds / Notes) are backed by the same source (the full faith and credit of the United States Government), The intent? Guaranteed return of principal.

        • Some statutes require "income earning" accounts

        • Two reserve investing resources published on the Reserves Page

        • Reserve fund policy

      1. Anonymous Complaints and Due Process - A zinger! A few tidbits you might enjoy:

        • Anonymous complaints that cannot be readily substantiated should not be addressed by an association. These are often "neighbor to neighbor" disputes.

        • In WA State, CIC record-keeping, disclosure and due process statutory requirements = complainants cannot remain confidential. There is generally no basis for a violation hearing where the accused is not entitled to know their accuser and/or obtain information via a records request

Scenic view of the Banhoek Valley near Stellenbosch, South Africa

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