HOA News, Advice, and Tips
HOA 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 ReadingIt doesn’t seem there is ever enough time to get all the things done that need to be done. This is especially true in an active community for a volunteer board of directors. The work of Boards is becoming increasingly challenging given the effects of the current economy, the complexity of the issues and the […]
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 ReadingBudgeting is one of the most important tasks property managers perform for their community Boards. Dealing with rising costs for everyday service, delinquent assessments, examining the common elements to assess need for repair and attempting to maintain adequate reserve amounts for the Association is a balancing act and a challenge. Property managers have typically already […]
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 ReadingRenters occupy approximately 4 in 10 homes in suburban America. If your unit is one of those homes—or about to become one—here are a few tips that will help you, your renters, and the association. Talk to the Manager The association manager can give you important information about what the association requires of owners and […]
Continue ReadingThere is an old adage that “all politics are local.” Basically this means that government works best when it works at the grassroots level, and community associations that foster positive relationships with these government officials will find that navigating through government bureaucracy will be a lot easier when you know someone on the inside. The […]
Continue ReadingAs a newly elected Board member, you may not be aware of how the Officers of your Association (President, Vice President, Secretary, Treasurer) are selected and what powers and duties each Officer possesses. Unless your Association’s Articles of Incorporation or By-Laws state otherwise, the California Corporation Code states, “Officers shall be chosen by the Board […]
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 […]
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