Donna asks…
What is the best way to securely invest a condominium or homeowners (HOA) association reserves by the board?
I serve on a seven member non profit corporate board of directors of a quiet, shaded, wood shingled 39 unit, three building condomium complex in NE Seattle (between the Ravenna Valley, Wedgwood, and Mapleleaf neighborhoods) that straddles a creek. We currently have about $120,000 in our reserves earning a piddling .025% interest (a quarter of 1%) in Vanguard.
I'd like to see the condo board invest this money in something that pays a higher interest rate
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