Now that the new year is upon us, it is wise to make sure that your association is in compliance with certain legal requirements. Here is a short list, but make sure to review your governing documents for any other requirements:
- Renew the association’s annual registration with the Colorado HOA Information Office of the Division of Regulatory Agencies.
- Make sure your association is current with its annual registration with the Colorado Secretary of State.
- Make sure the association is prepared to provide the necessary annual disclosures to its members (must be available within 90 days after the end of the association’s fiscal year).
- File annual tax returns.
- If you haven’t already, conduct your budget ratification meeting.
- Take any periodic action required by the association’s responsible governance policies (such as updating a reserve study).
- Provide annual education opportunities to owners at no cost to them as to the general operations of the association and the rights and responsibilities of owners, the Association, and its board of directors.
In addition, while not required to be done annually, it is wise to review your responsible governance policies to make sure they say what you want them to say, or to make sure they comply with changes in the law. As an example, in 2011, the legislature changed the requirements of the conflicts of interest policy. In 2012, the legislature changed the Colorado Common Interest Ownership Act to better define “records” and when records must be provided to members and under what circumstances. If you have not modified your conflicts of interest policy or records inspection policy to take into account the new legislation, now would be a good time.