Reserve Investments - is it Wise (Condo Insider)
Channel: ThinkTech Hawaii
Date: 22/10/2022

Condo Reserves Investment Accounts.  The host for this show is Raelene Tenno.  The guests are Na Lan and David Levy.  

HRS 514B - 149 has limitations on where and the type of investment accounts a Condo Association's funds can be deposited.  These accounts need to be a) located in the State of Hawaii, b) insured by the FDIC or by an agency of the US government, c) held by a corporation under HRS 412, and d) purchased through a securities broker registered with the SEC and insured by the SIPC and with an office located in Hawaii.  Mutual funds require Association owner consent and disclosures.

What is the risk of moving away from the standard depository (bank or FCU)?  Is there a conflict of interest between the board or board member presenting the information or recommending the transaction?

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