Colorado Senate Bill 05-100
Web Site Makes For Best Information Delivery Option
Governor Owens signed Colorado State Senate Bill 05-100 into law on June 6th, 2005. The new law requires Home Owner Associations make certain information readily available and convenient to home owners beginning on Jan 1st 2006. The law suggests the best way to do this is via an Internet web page because a Web site is both a ready and convenient means of providing this information.
Should an association choose the web page recommendation, what information is required to be posted on the web page?
- The date on which its fiscal year commences;
- Its operating budget for the current fiscal year;
- A list, by unit type, of the association's current assessments, including both regular and special assessments;
- Its annual financial statements, including any amounts held in reserve for the fiscal year immediately preceding the current annual disclosure;
- The results of any financial audit or review for the fiscal year immediately preceding the current annual disclosure;
- A list of all association insurance policies, including, but not limited to, property, general liability, association director and officer professional liability, and fidelity policies. such list shall include the company names, policy limits, policy deductibles, additional named insureds, and expiration dates of the policies listed.
- All the association's bylaws, articles, and rules and regulations;
- The minutes of the executive board and member meetings for the fiscal year immediately preceding the current annual disclosure; and
- The association's responsible governance policies