Making Smart HOA Budget Cuts

Making Smart HOA Budget Cuts

Tina Larsson HOA Managers and Board Members are constantly struggling with increasing costs, which they have to pass on to HOA members. For this exercise, the reason why costs are increasing isn't that relevant. The important point to remember when it comes to increases is that they usually increase, on average, at a rate greater than inflation. Read More... [et_social_share]
Community Associations — What to Know Before You Buy.

Community Associations — What to Know Before You Buy.

Burke Nielsen If you’re considering buying a home in a condo or HOA, chances are you have some preconceived ideas about what that means. Some of those ideas may be true and some may not. The truth is, every community is unique, with a different set of benefits, problems, and rules that affect how you enjoy your new home. So, what do you really need to know, and how can you find out before it's too late? Read More... [et_social_share]
Are Your Reserves Protected by FDIC?

Are Your Reserves Protected by FDIC?

Craig Huntington With the recent stress in the financial market, many boards and property management companies are beginning to more closely monitor the insurance of their funds. For many years now, leaders in the HOA banking and auditing industry have stressed the importance of following established laws and adhering to their fiduciary responsibility that governs the insurance of these funds, and the recent financial stresses further emphasize this need. One of the most widely accepted and valuable tools for ensuring full insured funds are a program called CDARS. Read More... [et_social_share]
Fully Funded Reserves — Is it Possible?

Fully Funded Reserves — Is it Possible?

Burke Nielsen If you manage communities you probably recognize the underfunded community a mile away. You know the one — it's never had a reserve study, the shingles should have been replaced five years ago, there are a dozen pothole patches in the parking lot, and homeowner are upset claiming, “the HOA does nothing”. If you're a new board member this story may be a new one, and now, you and your fellow board members are faced with the difficult task of deciding what to do. Read More... [et_social_share]
HOA Budget?  Yeah… I Think We Have a Budget.

HOA Budget? Yeah… I Think We Have a Budget.

Burke Nielsen As a HOA manager I was often approached by potential clients, at their wit's end with HOA issues. Often these issues were about finances. When I asked them about their HOA budget, I would often get a response like. “Budget? Yeahhh… I think we have a budget.” In most of these cases there was either no budget at all, or the HOA budget hadn't been given a second look since the day it was compiled. The HOA budget is more than just writing down estimated expenses. Proper budgeting helps the board be responsible with association funds, and reach their financial goals. Here are some tools and tips that will help your HOA create and stay on budget. Read More... [et_social_share]

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