Category: Finance

Finance
Financial Oversight

Condo association and HOA living represents a unique social arrangement; it’s a paid-for membership club and a home at the same time. Many people enter into this arrangement without a complete understanding of the responsibilities of member…

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Finance
Funding Capital Projects

You work hard and try to put money away to be used for a rainy day —hoping of course that that ‘rainy day’ is a long-awaited trip to somewhere fabulous and tropical. Then, boom—the brakes on your car suddenly go, or one of the kids needs br…

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Finance
What Boards Need to Know About Finances

Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the purse for an entire building or HOA is a major responsibility, and boards -- even …

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Finance
Inadequate Reserves

There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of associations, condo associations…

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Finance
Budgeting 101

Preparing the annual budget for a condo association or HOA isn't quite like figuring out a budget for a couple, or even a large family. The board of a multifamily building or association has to consider all the angles—past, current, and fut…

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Finance
Spotting Financial Irregularities

While it's pretty much impossible for an association board or employee to commit fraud on the scale of a Bernie Madoff or any one of the herd of shysters who have tromped through the news in recent years, building boards and managers certai…

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Finance
Collecting Arrears

The majority of association residents pay their monthly maintenance fees on time and in full with no problem. The recent recession, however, changed the picture drastically for residents who found themselves laid off, under-employed, or wit…

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Finance
Show Me the Money

The first of the month rolls around and it’s time to pay the bills that keep your building operational. Repairs might need to be made, staff salaries paid, maintenance done to keep all the common elements running, and supplies reordered. Th…

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Finance
Financial Record-Keeping

Whether your community is a condo association or HOA, proper record-keeping is the difference between a healthy property and one headed toward peril. And while meeting minutes and election results require well-organized documentation, recor…

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Finance
Alternative Funding

In this challenging economy, many condo and HOA communities are struggling to pay their bills while planning for future needs. Still, most boards are loathe to raise maintenance fees or levy special assessments on their residents until ther…

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