Condo Media - July 2022 - 45

has the ability to secure the necessary
materials and manpower).
Next, if you aren't serious about
building your reserves by now, you
might want to think about stepping
down from a position on an association
board. Although it is going to be more
diffi cult to do in this world of infl ation,
etc., saving fi nancial resources is more
important than ever. Without them,
there may simply be no avenue for
consistent and proper maintenance
of your property. And, as everyone
now knows, there can be disastrous
consequences when a building's needs
are not met.
Special Assessments
I would now like to revisit RSA
356-B:40-c, the budget approval process.
All boards should be mindful of
the fact that Section 40-c, II, requires
that any special assessment be passed
through the very same procedure
utilized for passing a budget. In other
words, a proposed special assessment
could be rejected if two-thirds of the
community so votes. Given this and
coupled with an association board's
fi duciary obligation to provide proper
maintenance, repair, and replacement
of the common areas (among other
duties), the only prudent course is for
boards to avoid the need for special
assessments. This is accomplished by
careful consideration of your annual
budget, as well as providing generously
for your various line items (as opposed
to seeking out the minimum amounts
that might get the job done).
Bank Loans
Finally, some advice for keeping
another option, a bank loan, open to
your association - make sure that your
governing documents afford the board
the authority to borrow money on behalf
of the association. Today's lending
institutions, being familiar with N.H.
law, will still require proof that the
community accepted the budget with
a line item for repayment of the loan.
However, if the governing documents
do not afford the board the ability/
authority to borrow funds, the entire
process could be delayed. Since associations
usually seek loans in times of
true fi nancial need, avoidance of delays
is benefi cial. This can be accomplished
by amending the governing documents
in advance, if necessary, to include borrowing
authority.
Associations with specifi c questions
regarding details or compliance with
statutory fi nancial requirements should
consult with their legal counsel, CPA, or
fi nancial services vendor as needed.
■ GARY M. DADDARIO, ESQ., CCAL
IS A PARTNER WITH THE LAW FIRM
MARCUS, ERRICO, EMMER & BROOKS,
P.C. AND CHAIR OF THE CAI NEW
HAMPSHIRE LEGISLATIVE ACTION
COMMITTEE (NHLAC).
Lending and
Banking Solutions
Designed for Condo
Associations
Timothy Murphy
774.454.9918
Timothy.Murphy@RocklandTrust.com
Member FDIC
July 2022 CONDOMEDIA 45

Condo Media - July 2022

Table of Contents for the Digital Edition of Condo Media - July 2022

Contents
Condo Media - July 2022 - Cover1
Condo Media - July 2022 - Cover2
Condo Media - July 2022 - Contents
Condo Media - July 2022 - 2
Condo Media - July 2022 - 3
Condo Media - July 2022 - 4
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Condo Media - July 2022 - 7
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Condo Media - July 2022 - Cover3
Condo Media - July 2022 - Cover4
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