Legal Compliance
Business Records
Non-Profit Governance
Minnesota Statute
It is the responsibility of the board of directors to maintain detailed records including association membership, minutes for all official meetings, contracts, leases, and other agreements, financial records, and material correspondence relating to association operation. All association documents must be made reasonably available to all
It is the responsibility of the board of directors to maintain detailed records including association membership, minutes for all official meetings, contracts, leases, and other agreements, financial records, and material correspondence relating to association operation. All association documents must be made reasonably available to all members, but there is nothing that holds them accountable for when they don't provide this information.
Minnesota Statute
Non-Profit Governance
Minnesota Statute
Minnesota Common Interest Community statutes:
Note that current Minnesota law includes things such as boards don't have to follow the bylaws if they don't want to. and they don't have to carry insurance if they can't afford it.
Curremt Minnesota law also allows a HOA to foreclose on a home without any legal justification, even when the mortgage is current.
Non-Profit Governance
Non-Profit Governance
Non-Profit Governance
There are a lot of mixed and confusing messages for how a HOA is spposed to be run. Most are incorporated as a non-profit organization, but current Minnesota law says a business can be incorporated as a non-profit "for any legal purpose." What laws there are around non-profit governance are aimed at those with a purpose of being a public
There are a lot of mixed and confusing messages for how a HOA is spposed to be run. Most are incorporated as a non-profit organization, but current Minnesota law says a business can be incorporated as a non-profit "for any legal purpose." What laws there are around non-profit governance are aimed at those with a purpose of being a public charity. Purblic charities, regardless of whether or not they have the 501(c)3 status are regulated by the state. HOAs do not have any kind of regulatory oversight.
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