Using Bad Debt Accounting in HOA Budgets

My comments in the Northwest Condo & HOA Blog article, “Using Bad Debt Line Items in Association Budgets” is repeated here. 

The choice by HOA boards of the “cruel and unusual punishment” discrminatory foreclosure right, and  unjust transfer fees, coupled with the “free income” gravy money found in a policy to fine, fine, fine is dispicable.  It is a preying upon the weak and disadvantaged. 

My comments.  
 
“You provided very important info on failure to heed CPA advice on bad debts, and choosing to foreclose instead.  HOA boards are derelict in their duties to act prudently.  Foreclousre is unjust and discriminatory against those with high equity.  And foreclosure is a cruel and unusual punishment for the HOA that has not advanced any hardcash like a bank.”
 
In general, see my Commentary links below.
 
California ECHO and HOA bankruptcy alternative
 
The HOA legal concept: the defects become exposed.
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Published in: on October 1, 2010 at 8:02 am  Comments (1)  
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  1. […] has been taught by CAI and used by HOAs to protect against income shortfalls?  None!  (See Using Bad Debt Accounting in HOA Budgets).  So, poorly managed HOAs by boards with defective and incomplete education resort to […]


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