Info Bytes 08.25.22

💰RATES💰

What's your Reserve Fund's Average APR?

• Look at the absolutely BLISTERING short-term rates below…

• First graphic: 3 month to 10 year US Treasuries and brokered CDs

• Second graphic: 4-week T-Bill

🏁NOMINATIONS  🏁

WSCAI (WA State Chapter) is seeking candidates for its Board

• There is ONE at-large position available for homeowner candidacy

• Submit your candidacy by Tuesday, September 20, 2022

Why So Many Common Interest Communities Need Help

• Having been contacted by no fewer than three homeowners and Board members requesting help over the past two weeks, we're sharing the following text from the Illinois Common Interest Community (CIC) Ombudsperson Act because it is a quintessential summary of the challenges facing CICs. One need only browse any number of online forums to understand the challenges. There is plenty of empirical data that suggests more reforms are necessary. Volunteer leaders deserve to know WHO, WHAT, WHERE, WHEN, WHY and HOW.

• All volunteer directors are equal peers that have the same voice and vote.

• All governance is intended to be conducted in open meetings (except for specific confidential matters defined by statute).

• So many truths need to be realized across all CICs. It's a daunting task. Will you take up the gauntlet?

The General Assembly finds as follows:

• Managing condominium property or common interest community property is a complex responsibility.

• Unit owners span AND persons charged with managing condominium property or common interest community property may have little or no prior experience in managing real property, operating a not-for-profit association or corporation, complying with the laws governing condominium property or common interest community property, and interpreting and enforcing restrictions and rules imposed by applicable instruments or covenants.

• Unit owners may not fully understand their rights and obligations under the law or applicable instruments or covenants.

• Mistakes and misunderstandings are inevitable and may lead to serious, costly, and divisive problems.

• Effective education can prevent or reduce the severity of problems within a condominium or common interest community.

• Anecdotal accounts of abuses within condominiums and common interest communities create continuing public demand for reform of condominium and common interest community property law.

• This results in frequent changes to the law, making it difficult to understand and apply, and imposes significant transitional costs on these communities statewide.

• By collecting empirical data on the nature and incidence of problems within these communities, this Act will provide a sound basis for prioritizing reform efforts, thereby increasing the stability of condominium and common interest community property law.