Executive board members and officers — powers, reserve funds, audit
- Statute:
- Colorado §303 · Part CCIOA-3 (CCIOA Part 3 — Management of the Common Interest Community)
- Topic:
- Governance · Board and budget
- Applies to:
- HOA associations
The board acts for the association, except it may not amend the declaration, terminate the community, or elect its own members (it may fill vacancies). Within 90 days after adopting a proposed budget the board must deliver a summary and call a meeting; unless the declaration requires owner approval, the budget is deemed approved unless a majority of all unit owners veto it. An audit is required only if annual revenues or expenditures are at least $250,000 and one-third of owners request it. Declarant-appointed directors are fiduciaries; owner-elected directors are liable only for wanton and willful acts. Reserve-fund investing follows Nonprofit Act §7-128-401.
📄 Read the official text at leg.colorado.gov →
How SoShiny helps with Executive board members and officers — powers, reserve funds, audit
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does Colorado §303 require?
- The board acts for the association, except it may not amend the declaration, terminate the community, or elect its own members (it may fill vacancies). Within 90 days after adopting a proposed budget the board must deliver a summary and call a meeting; unless the declaration requires owner approval, the budget is deemed approved unless a majority of all unit owners veto it. An audit is required only if annual revenues or expenditures are at least $250,000 and one-third of owners request it.
- Who does Colorado §303 apply to?
- Colorado §303 applies to HOA associations in Colorado.
- What happens if our CID doesn't comply with §303?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for Colorado community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of Colorado §303?
- The official text is published by the Colorado General Assembly at leg.colorado.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Executive board members and officers — powers, reserve funds, audit?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of Colorado §303 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a Colorado-licensed attorney. For the official statutory text, see the link above.
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