Indiana Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association
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Establish a strict agenda and let everyone know that it will be followed carefully so as to eliminate any one person taking over the conversation. Give board members a chance to change their ways by having a kind conversation about the problem behavior. Above all, set a good example of what makes a good HOA member.
HOA board fiduciary responsibility prevents board members from making decisions to further their personal interests. Board members must also avoid an HOA board of directors conflict of interest. This includes choosing a family-related vendor or voting on issues with a bias.
What Makes a Great HOA Board Member?Enjoy volunteering.Are civic-minded.Are positive and optimistic.Exercise fairness.Know that the rules apply to them, too.Take their role seriously.Have a mind for business.Understand that their authority comes as a board, not a board member.More items...?
Call an association meeting and ask for a vote on dissolving the HOA. If approved, have the agreeing members sign the termination agreement. Settle any debts, dispose of assets belonging to the HOA, and file the necessary documentation with the SOS to complete the dissolution.
Duty of loyalty requires HOA board members to act in good faith to promote the best interests of the entire association. HOA board fiduciary responsibility prevents board members from making decisions to further their personal interests. Board members must also avoid an HOA board of directors conflict of interest.
HOA LAWS AND REGULATIONS Victims of housing discrimination can file a complaint with the Indiana Civil Rights Commission or HUD within one (1) year from the date of the discriminatory act. Victims may also file a private lawsuit in federal district court within two (2) years of the discriminatory act.
Preserve All Board E-mail Just as e-mail sent at your job isn't private, nor is e-mail private when you're communicating with other board members or owners in your capacity as a board member.
Creating a Code of Ethics for HOA Board MembersCommit Yourself to the HOA.Follow Your Governing Documents and Applicable Laws.Disclose and Avoid Conflicts of Interest.Practice Confidentiality.Never Discriminate.Exhibit Professional Behavior.Always Work Within the HOA's Structure.More items...?
While the role of a management company is to offer a helping hand, the board should still retain all decision-making tasks. HOA management company duties include assisting with administrative work, executive board decisions, and communicating with residents.
Indiana homeowners associations are governed by the Indiana Homeowners Associations Act, which can be found at Indiana Code 32-25.5 (the HOA Act). The HOA Act is applicable to all non-condominium associations.