Lawyer: HOA board has duty to protect residents' money

09/16/2013 | Sarasota Herald-Tribune (Fla.)

HOA directors have a responsibility to protect the money received from residents, which means no risky investments in stocks or buying and fixing up real estate, lawyer Tamela Eady writes. Instead of trying to make money, boards should be more concerned with building up "rainy day" funds in order to pay for unexpected expenses, such as a collapsed clubhouse roof.

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Sarasota Herald-Tribune (Fla.)

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