Question:
Our HOA formed in Fishers Indiana this year.
We already voted on the budget this year, but they sent forward spending of more than 70% of the reserve and voted on this as a five person HOA without a vote from the community, what are the requirements for this?
– Ryan
Answer:
Hi Ryan,
Generally, an HOA board does not need to secure approval from the membership to spend the association’s reserves. Boards are required to fulfill their maintenance obligations as they appear in the governing documents. They must do this even if it means spending a significant amount from the reserves or depleting the reserves.
If you do not believe the replacements or repairs are necessary, it is best to speak to your board. Remember that your HOA board is privy to information that other owners may not, such as the actual condition of the fences, professional opinions, etc.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
