Last night provided a fascinating opportunity to observe the U.S. political process in action. Despite lots of money, many talking heads, and more TV advertising than the Super Bowl, the Super Tuesday returns haven't settled anything. What they have done is make it clear that the economy is issue #1 for the vast majority of Americans.
Just as individuals are being crunched by tight credit, collapse of the subprime market, and flagging productivity, homeowners associations face similar challenges. Because whether everyone agrees or even likes it, associations are businesses and association boards have a legal and ethical obligation to manage them in a business-like way. That means ensuring that the associations assets are protected, that funds are collected and controlled appropriately, and that the interests of the entire association are served.
CAI past-president and current Dean of the College of Community Association Lawyers (CCAL), George Nowack, authored an interesting and thoughtful article in yesterdays Atlanta Journal Constitution. I thought it clearly defined some of the challenges facing boards in this turbulent economy and provided a thoughtful and balanced approach for boards to carry out their fiduciary duty in an business-like but equitable way. You might want to take a look.
