With summer behind us that means CFM had another Summer Event for staff and their families. We enjoyed a safari tour and lunch at Safari West in Santa Rosa. What a great experience to see wildlife in open habitats, and so close to home!
On the work front, we are still busy signing clients up for our online invoice approval process. If you are ready for this exciting advancement which eliminates check packets in the mail, please contact Andrea in our office at AndreaR@condofinancial.com.
Until next time, Happy Halloween!
Linnea & Stacie
2012 New Laws On August 17, the rewrite of the Davis Stirling Act was signed into law. The rewrite contains both changes in the law, as well as the renumbering of the law. The rewrite does not go into effect until January 1,2014, to give everyone plenty of time to become familiar with the new Act.
Another bill signed into law, AB 2273, requires lenders to record foreclosure sales within 30 days of the foreclosure. This is good news for the CID industry as it will allow for the correct billing of assessments during the transition to a new owner.
For those Associations with homeowners who may be struggling to make mortgage payments or facing potential foreclosure, there is a federally funded porgram, Keep Your Home California, to help California homeowners in these situations. Let us know if you would like CFM to publish information to your homeowners, about this program, on their monthly statements.
Stump the Experts
Question submitted by Board Member Shirley S:
Does this new law (No board decisions via email) include any committee work such as (a) CC&R committee? Do we have to announce our meetings with subcmmittees?
Answer provided by Attorney Amy Tinetti of Huges, Gill, Cochrane:
It depends on the whether the committee consists of a majority of board members. “Meeting” is defined, in Civil Code section 1363.05(k)(2)(A) as a “congregation of a majority of the members of the board at the same time and place to hear, discuss, or deliberate upon any item of business that is within the authority of the board.” “Item of business” is defined, in Civil Code section 1363.05(k)(1) as “any action within the authority of the board, except those actions that the board has validly delegated to any other person or persons, managing agent, officer of the association, or committee of the board comprising less than a majority of the members.” (Emphasis added.)
The board may validly delegate actions to committees. However, if the committee consists of a majority of the board members a meeting of the committee members is, by definition, a meeting of the board. If the Board consists of five (5) directors, and two serve on the “CC&R committee,” the committee does not have to provide notice to the association members of the committee meeting. However, if the CC&R committee consists of three (3) directors, the committee meeting is, by definition, a board meeting because it is a congregation of a majority of the Board and thus notice of the meeting would have to be provided to association members.
If you have a question regarding the financial management of your association, please send an e-mail to: firstname.lastname@example.org. If your question is chosen, we will publish the information in our next newsletter.
The Franklin Award
The Franklin Award is a company reward of a $100 bill given to one employee per quarter in recognition of an outstanding achievement or extraordinary task completion. They can be nominated by their fellow employees, by a homeowner, board member, or colleague. The Franklin Award winner for 2nd quarter 2012 is Kathy Latora, accounts receivable specialist, in recognition of her outstanding service to the company. Kathy was nominated by her coworkers for always helping out and having a positive attitude!