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Owners trust directors as unbiased thinkers not easily affected by third-party vendors such as management staff or assessment recovery firms. A director’s responsibility does not consist of going along with regardless of the elected leader says. Nor is pleading “I didn’t know” a sufficient defense when it comes time to invoke the association’s indemnification policy. Directors aren’t excused from liability for failing to keep themselves up to date or for declaring they have no understanding of facts that they could easily have ascertained by causing a reasonable inquiry.
Directors are presumed to learn whatever it is their responsibility to learn, and regulations will not enable them to avoid personal responsibility because of their corporation’s misconduct by turning a blind eye to what continues on around them. An assessment recovery firm is not just a local bank or investment company. The board’s duty is to avoid making dangerous investments, thus subjecting titleholder property to liability.
Trusting association money to any organization not FDIC-insured can be an unnecessary risk of titleholder assets. Purchasing a type of assessment-recovery firm merely because a management company said to achieve this is not advisable, nor will it maintain the integrity of a reserve account adequately. Zachary Levine, a partner at Work & Levine, a business and intellectual property law firm, co-wrote this column. Vanitzian is an arbitrator and mediator. Send questions to Donie Vanitzian JD, P.O.
Don’t even look at it for 4 weeks. Now you’ve seen how easy this investment strategy truly is! The Ivy League Portfolio lets you spend your time on other things that are important to you! You can rest easy realizing that you are in full control of your investments. And don’t forget, every year doing it yourself you are saving a lot of money!
Re-balancing is critically important! As your investments grow as time passes, some will grow faster than others. Eventually, you might find yourself with your investments divided in very different-sized chunks – for example, maybe 10%, 15%, 30%, 32%, and 13% of your stock portfolio. Your account is no longer properly diversified!
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Now the performance of only 2 investments (the 30% and the 32% pieces) accounts for 62% of the performance in your accounts. If those 2 categories get slammed before you get your next trading signal, your portfolio might not perform based on the model. Re-balancing means re-dividing your portfolio equally among your 5 investments.
You should do this every six months. When you have an investment that is 25% of your profile, then you will need to sell 1/5 of this position to obtain it back to 20% of your profile. Rebalancing shouldn’t require that you add extra cash back – your accounts always results in 100%, so by selling the over-allocated investments, you will generate exactly enough cash to buy more of the under-allocated investments.