A commonly missed provision of the Colorado Common Interest Ownership Act (“CCIOA”) requires that virtually all information provided to or available to one director relating to the HOA– must be shared with all directors. The intent of this provision of CCIOA is to ensure that every director of an HOA has the information he/she needs to effectively participate in the governance of their communities. In addition, this provision is intended to make certain that directors do not leave one or more fellow directors out of the information loop.
CCIOA, at C.R.S. 38-33.3-303(1)(b), provides as follows:
“Notwithstanding any provision of the declaration or bylaws to the contrary, all members of the executive board shall have available to them all information related to the responsibilities and operation of the association obtained by any other member of the executive board. This information shall include, but is not necessarily limited to, reports of detailed monthly expenditures, contracts to which the association is a party, and copies of communications, reports and opinions to and from any member of the executive board or managing agent, attorney, or accountant employed or engaged by the executives board to whom the executive board delegates responsibilities under this article.” (emphasis supplied)
If you as a director receive any information which relates to the “responsibilities and operation of the association,” you must take steps to ensure that every member of the board of directors is provided with that information.
Stay tuned to this blog for more information on provisions of CCIOA you need to know about and comply with.