Title: South Carolina Code of Ethics and Duty of Care of Board of Directors of Homeowners' Association Introduction: In South Carolina, the Code of Ethics and Duty of Care ensures that the Board of Directors of Homeowners' Associations (Has) adheres to a set of ethical standards and fulfills their obligations towards association members. This article will provide a detailed description of the South Carolina Code of Ethics and explore the Duty of Care expected from HOA board members. Keywords: South Carolina, Code of Ethics, Duty of Care, Board of Directors, Homeowners' Association I. South Carolina Code of Ethics for HOA Board of Directors: The South Carolina Code of Ethics aims to guide the conduct and responsibility of HOA board members while ensuring transparency, integrity, and accountability within the association. It establishes a framework of ethical principles that board members must follow to act in the best interest of the community. 1. Fiduciary Duty: Board members are entrusted with acting solely in the best interest of the HOA and its members, putting the community's welfare above personal gain or preference. 2. Conflict of Interest: Board members must avoid any personal interest or activity that conflicts with the association's interest or compromises their ability to make unbiased decisions. 3. Transparency: The Code emphasizes the importance of open communication and disclosure, requiring board members to provide transparent reporting on association finances, major decisions, and potential conflicts. 4. Confidentiality: Board members should respect the confidentiality of all privileged information obtained through their role and refrain from sharing it without proper authorization. 5. Fairness and Equality: The Code promotes equal treatment of all HOA members, prohibiting discrimination or favoritism based on personal biases, prejudices, or circumstances. II. Duty of Care of Board of Directors: The Duty of Care refers to the legal obligations imposed upon HOA board members to exercise reasonable care, skill, and diligence in performing their duties. Here are key aspects of the Duty of Care expected from board members: 1. Informed Decision-Making: Board members are expected to keep themselves informed about association affairs, attend meetings, review relevant documents, and actively participate in decision-making processes. 2. Risk Management: Directors must identify and address potential risks or hazards that may affect the welfare of the community, such as property maintenance, security measures, and compliance with local regulations. 3. Financial Responsibility: Board members must prudently manage the association's finances, including budgeting, financial planning, collection of dues, and proper accounting practices. 4. Legal Compliance: Directors should ensure the association's operations and actions align with the applicable laws, governing documents, and any relevant regulations in South Carolina. 5. Professionalism: Directors should act professionally, treating all association members, employees, and contractors with respect and maintaining a standard of conduct that reflects positively on the HOA. Types of South Carolina Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association: While there may not be distinct types of the Code of Ethics or Duty of Care specific to South Carolina, different Has may adopt variations of these codes based on their needs and specific circumstances. However, the core principles and expectations of ethical conduct and duty of care remain consistent across associations in South Carolina.
South Carolina Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association
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What does fiduciary mean? Fiduciary duty requires board members to stay objective, unselfish, responsible, honest, trustworthy, and efficient. Board members, as stewards of public trust, must always act for the good of the organization, rather than for the benefit of themselves.
However, in South Carolina, an HOA or COA does have the power to foreclose when homeowners fail to pay their dues. An HOA or COA can even foreclose for unpaid fines and fees that may owed due to violations of HOA or COA's rules and regulations.
Got a complaint about your HOA or community management? File it here. You can also email scdca@scconsumer.gov or call 803-734-4200 or toll-free in South Carolina: 1-800-922-1594 for more information.
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.
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.
If your HOA is unresponsive to written communication, the first thing you want to do is take every action to contact the directors by phone. If you get no answers, find out if they are holding a meeting and attend it. If they still don't address your concern, you might need to seek legal advice.
Unlike North Carolina, where daily fines for violations of the covenants are capped at $100, South Carolina does not have a similar statutory limitation. It does not have a Planned Community Act.
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.
Federal Laws - In addition to state law regulations, the federal government has laws that govern the operation and management of common interest communities in the state of South Carolina. South Carolina Homeowners Association Act, S.C. Code Ann. § 27-30-110, et.