Kentucky Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association

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Multi-State
Control #:
US-1127BG
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Word; 
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Description

Homeowners require their properties to be properly maintained; they expect a healthful living environment; and they anticipate the Board of Directors will function efficiently and effectively and provide a financially sound organization. Accordingly, the services provided by the Board of Directors require honesty, impartiality, fairness and equity, and must be dedicated to the protection of the public health, safety, and welfare. Board of Directors must perform under a standard of professional behavior that requires adherence to the highest principles of ethical conduct. Board Members, therefore, must be eager to maintain and improve the standards of their calling and share with their fellow homeowners a common responsibility for its integrity and honor. As such, Boards of Directors pledge to observe its spirit in all of their decisions and to conduct the business of the association in accordance with the creed set forth.
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FAQ

The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty and the duty of obedience, as mandated by state and common law. It's vitally important that all board directors understand how their duties fall into each category of fiduciary duties.

Yes, you can generally sue your HOA in small claims court if the dispute is for $10,000 or less. It is quite common to take dispute resolution to the small claims court of your state. You will have to pay filing fees and may need to represent yourself, though some attorneys will represent you for a fee.

Specifically, fiduciary duties may include the duties of care, confidentiality, loyalty, obedience, and accounting. 5.

There are three ways to help nonprofit organizations deal with rogue board members.Directly communicate with the board member.Hold a special committee session to discuss behavior.Remove the board member, even if it is the Board Chair. No board member is above the mission.

Board of directors have a fiduciary duty to exercise due care in how they manage a corporation's affairs and also have the duty of loyalty and obedience to the corporation.

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.

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...?

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.

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...?

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Kentucky Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association