HOA News, Advice, and Tips
Fall is that special time of year when the temperatures start to drop and the leaves turn different colors. This fall season is even more special because of the 2012 Presidential Election. All around the nation, citizens will be voting for our county’s next leader. Similarly, many HOA board members will be voting, too. That’s […]
Continue ReadingIn my 12-year career as a community manager, I couldn’t venture to guess how often I’ve heard a homeowner say, “But, we can’t afford an increase in maintenance fees.” Some board members do their best to not increase monthly assessments annually. Unfortunately, the end result is not always what they set out to achieve. ‘Tis […]
Continue ReadingHOA Reserve StudyReserve funds are a community association’s version of a “rainy day” fund. The financial health of an HOA can be determined by calculating the strength of that fund through a Reserve Study. If you’re considering moving into a new community governed by a HOA, one of the first things you’ll want to look […]
Continue ReadingIn a word, “yes”. There is no minimum (or maximum) Useful Life stipulated in National Reserve Study Standards. Often a project like tree trimming is a candidate for inclusion in the Reserve Budget rather than the Operating Budget, even if it occurs every year. And here’s the reason why. Operating Budgets are typically handled on […]
Continue ReadingIn order to operate a successful community association, there are many important facets of association governance that must be understood and implemented by its board of directors. One of the most important is the budgeting process. Most associations are “multi-million dollar non-profit corporations.” This means that the board of directors of an association is often […]
Continue ReadingEveryone’s familiarity and understanding of accounting is different. Accounting practices can vary as well, even among the experts, which leaves something to be learned by all. In time and with continued exposure, you will find a better understanding of your Association’s Financial Statements.
Continue ReadingGaining a competitive edge in today’s real estate market is vital to homeowners’ equity interests. Owners want to feel secure that the money they invest in their home increases in value. Many communities are a co-op or are age-restricted and, in the case of all HOAs, amendments are made to the governing documents and new legislation […]
Continue ReadingRecently, an association I manage undertook a roof replacement project. After careful consideration of their financial position and the results of a roofing survey, we were able to have the work commence one year in advance of the outlined reserve study target date. Management negotiated a termed payment schedule with the contractor, which avoided the […]
Continue ReadingWhat does 5 Star mean? You can ask 10 different people and receive 10 different answers. For the homeowner and association, it should mean expecting the absolutely highest level of service. And for the vendor and manager, it should mean delivering the finest, the best, the most impressive and unparalleled service. But what does customer service really […]
Continue ReadingReceiving a financial statement on a monthly basis can be one of the most important management tools in helping you oversee your association’s daily operations. The financial information, when complete, will create a road map for ongoing decision making. Finance Committee meetings of the typical association can be intimidating. Many managers and board members alike […]
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