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…
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…
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…
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…
Sometimes the future seems like it’s an awfully long way away. If a roof is going to last 30 years, why should we worry about it today? Same with that shiny new boiler, HVAC chiller or that flat, crack-free pavement just poured two summers…
Taking care of a condo association building ’s budget and finances is a big job. Handling such large sums of money is an important responsibility, and not every shareholder or unit owner has the expertise to do the job well. Sure, most peo…
Imagine sitting down with your significant other to pay the monthly bills. You both put your checks into a joint account and know how much there is to take care of expenses, or so you think. Out of his wallet your husband pulls out receipt…
One of the biggest problems that can cause the downfall of any association is a lack of funds, or more specifically, not enough money to keep operations running smoothly and to make the necessary repairs to keep everything up to par. …
As the 2012 federal legislative fiasco over the debt ceiling—as well as any number of other spending bills proposed since then—demonstrated, balancing a budget can be like pulling teeth. Balancing a condo association or HOA community's bud…
Preparing the annual budget is by no means an easy task. Those charged with preparing condo association or HOA budgets will soon begin reviewing costs, gathering data and projecting expenses for the coming year. Communities, businesses, in…