Insolvency means the HOA assets are less than the total of its liabilities.
“Unliquidated” means that the bill for the replacement has not been received, even though an asset is deteriorated. If the HOA does not set aside sufficient money to offset that deterioration, it is unprepared for the day when the asphalt, roofs, paint, or other common area elements must be replaced.
Per Civil Code Section 5515, boards may temporarily transfer money from the reserve fund, but must state in the board’s meeting minutes the reason why the borrowing is occurring and when it will be repaid. The money must be repaid to the reserve fund within one year. Thank you, Kelly. A: Some HOAs have bylaws or CC&Rs limiting the power of the board to borrow on behalf of the HOA, and those HOAs would need to submit proposed loans to the membership for an approval vote. Other HOAs have governing documents placing limits on the amount of borrowing the board can pursue.
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