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August Survey Results
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Does your association have a written policy/procedure for dealing with conflicts of interest?
90% No
10% Yes
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Manager Convicted of Theft From Two Associations
Howard Engleberg, an association manager and owner of the management
company CAMM, pled guilty to charges of felony theft, in Denver
County on June 16, 2003 and in Arapahoe County on June 17, 2003. Both charges arose from theft of funds from community associations he managed over several years.
[FULL STORY]
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Access to Records and Document Retention
Associations are responsible
for generating and managing many corporate documents and records, such as
financial records, legal documents, governing documents, correspondence and
business documents. Association members frequently ask to review and copy such
documents. Therefore, it is important that associations be aware of the legal
requirements pertaining to record availability and have such records organized
and retained in a manner that makes them easy to locate and access.
[FULL STORY]
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Is Foreclosure the Right Option?
Inevitably some owners get behind on their assessments. Not just three, four or even five months, but often eleven, twelve or more months delinquent. Despite the association’s best efforts to get the owner to pay, there is no money coming in. Then what? Generally, an association has several ways to collect unpaid assessments:
1. Lien the property and wait for a refinance or sale; 2. Sue the owner to obtain a money judmgent, then garnish wages, bank accounts, etc. to collect the judgment; and 3. Foreclose on its lien. This article discusses the foreclosure options.
[FULL STORY]
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Filing Tax Returns
Community associations are not exempt from paying taxes because they are nonprofit corporations. In very limited cases, an association may qualify as a tax-exempt entity under the terms of I.R.C. Section 501(c). Unless an association obtains a ruling from the Internal Revenue Service that it meets the requirements for tax-exempt status under I.R.S. Section 501(c), the association must file a federal tax return. The association, however, has several options.
[FULL STORY]
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Top 10 Assessment-Debtors' (True) Unsuccessful Defenses
Homeowners' personal obligations to timely pay assessments are absolute under most recorded Declarations and Covenants, as buttressed by the Colorado Common Interest Ownership Act.
Of the three-thousand-plus delinquent accounts that will be referred to Orten & Hindman for collection this year, the overwhelming majority will be resolved without a court appearance by the homeowner and the association will recover all of its delinquencies, legal fees and court costs.
On those rare occasions when delinquent homeowners get to court, the excuses the homeowner offers for not paying assessments can be as creative as they are unsuccessful. Below we list ten excuses that we have heard this year. They put a twinkle in our (and the judge's) eyes. However, none of them worked.
10. My dog died. 9. My dog broke his leg. 8. My children were at the Alamo. 7. Russian gangsters stole my house. 6. I thought this was a court-martial. 5. I defended America against Russian bombers. 4. I have no witness here who knows that answer, your honor. Could you please phone a friend for me? 3. My wife couldn't answer the Summons because a mosquito might biter her and give her West Nile virus. 2. I am not a lawyer. 1. I am a lawyer.
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Orten & Hindman, P.C.
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We do one thing and we do it well...Community Association Law
To learn more about O&H's services, visit our website at www.ortenhindman.com
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Educational Events
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Click here to register
Board Member Boot Camp - Part 2 (Wheat Ridge Office): Understanding Your Governing Documents & Applicable Laws? September 25
October Lunch Forum (Wheat Ridge Office): Dealing with Holiday Decorations October 2
October Breakfast Forum (Fort Collins Office): Dealing with Holiday Decorations October 3
Board Member Boot Camp - Part 2 (Fort Collins Office): Understanding Your Governing Documents & Applicable Laws October 7
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Suggestions
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If there's a topic you'd like to see covered in an upcoming issue, email us at Orten & Hindman
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Community Associations Institute
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The Community Associations Institute (CAI) is a nonprofit organization that provides education and resources to community associations. To find out more about CAI visit www.caionline.org
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