HOAs must seek homeowners' approval before investing funds

06/4/2013 | Los Angeles Times (tiered subscription model)

Homeowners associations must adhere to specific guidelines when investing funds, including getting homeowner approval and avoiding risky ventures that could cause the community financial harm, Donie Vanitzian writes. "Not only must the board follow specific laws and procedures for removing reserve funds and 'investing' it, such actions must be voted on at a duly noticed meeting and disclosed in meeting minutes," Vanitzian writes.

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