Info Bytes 07.21.22
CIC Info Bytes are frequent, succinct updates that provide educational and engagement opportunities to help your community thrive!
Take the 2022 RESERVE QUESTIONNAIRE
As always, YOUR participation is key! Please grab your favorite beverage, get comfy and relax your way into this ~15 minute survey.
Full results will be published the first week of August. View results from 2021
We’ve kept our focus on investing as budget-busting inflation continues at home and across the globe.
Are your reserve funds earning a respectable return?
3 Month T-Bills yielding 2.66% (!)
If you’re locking up funds more than 3 months at a time, you’re betting against the Fed.
A look at this week’s rates… (as of Tuesday, July 19)
N.B. The FOMC is poised to raise the overnight lending rate another 75bps (that’s 0.75%).
In Santoro v. Eagle Crest Estate Homesite Owners Association, the Oregon Court of Appeals found that governing language requiring good faith applies a different standard than a lack of bad faith and/or lack of honest judgment.
LEARN MORE about your duty of care to act in good faith
Arbitrary and Capricious Approvals
In Schwindt v. Omar, the California Court of Appeals (fourth district, division three) found a Board’s arbitrary and capricious decision to allow one owner to alter their property does not bind the court to a remedy involving removal of the alteration.
No Approval? No problem! … Almost
In Warriner Investments, LLC v. Dynasty Homeowners Association, the Indiana Court of Appeals found no fault with a trial court’s discretion to allow a pole barn that was knowingly constructed without approval to remain in place because it wasn’t possible to see the structure from the street or any other lot and was therefore determined to have no material impact on the association.
While the barn remained intact, the Warriner’s were left to reimburse their association’s $25,000 legal fees.
Does your CIC use a portion of your annual budget for discretionary purposes like member engagement?
Perhaps you have a community engagement committee? What about a rogue Board President?!
We’ve added two completely new resources this week.
>>> Everything is free to view online!
>>> Subscribers: feel free to download new and updated resource material from your ZIP folder access.
We’re pleased to deploy this new page addressing collections. Aside from the FDCPA, collections, foreclosures and liens rely on state-statute specifics, so much of this content focuses on Washington.
Does your CIC have a collection policy?
NEW! WASHINGTON STATE CIC DATABASE
This searchable database has been scrubbed to deliver what we believe is the best set of common interest community data for Washington State.
PAGE 1: Search by association name - AND / OR - registered agent
PAGE 2: View the property count for multiple management firms
CIC State Statute Database Project
We need YOUR help to create a comprehensive CIC state statute database
Please email us if you're interested !
+++ Have a question that you'd like to ask directly to your peers? Ask YOUR listserv! +++
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