Homeowner Association - Fiduciary Obligation

[markraymond89]

What is the name of your state (only U.S. law)? Georgia
Fortunately, our Homeowner Association spends money on a discretionary (nonemergency) basis on siding, driveways and roofs as a preventative measure. Unfortunately, however, the Board members assure that discretionary measures are taken with their own units FIRST - while other owners wait 8-10 years for "their turn". We have asked the Board to prioritize work using advice from an independent, 3rd-party appraiser (to assure neutrality), but the Board has rejected such proposals.

Are they breaching their fiduciary responsibility by taking care of their own units first....without an independent analysis of "needs"? Can/should there be a tax consequence to the Board and/or the Association for such use of funds?

 

[tranquility]

While I did not read the facts, it is *extremely* unlikely they breached a fiduciary obligation.

What money are they holding for your benefit?

 

[markraymond89]

They collect about $80K/year supposedly for everyone's benefit, but then spend it primarily for the Board member's personal benefit.

 

[tranquility]

Thinking about a fiduciary benefit is not the path to get what you want.

Their are duties. I don't think, in your instance, they are fiduciary ones.