Funding HOA Reserves For the Common Good

Funding HOA Reserves For the Common Good

Robert N Roop Homeowner’s association boards are elected community members who are tasked to look after the shared amenities and physical assets of the community. And to ensure that each of these assets will maintain its value over time, a carefully planned reserve study should be conducted by the association to properly allocate the monetary resources necessary for any maintenance or improvements of the amenities and assets in the future. 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]
Getting Rid of a Common Amenity

Getting Rid of a Common Amenity

John Richards Even thought the most logical decision may be to close the amenity, the moment you do, many will argue “ …I bought here because of the pool (or whatever amenity is at issue).” The fact is, they’re right! The ultimate goal of a Homeowners or Condominium Owners Association is to maintain a beautiful and safe community. In order to achieve that goal, the board may ask if they can “close” or “abandon” an original amenity such as the pool, clubhouse, hot tub, weight room, or tennis court. It may appear that no one is using it, or that the cost of upkeep is too high. Sometimes the most logical solution is to permanently close the amenity or replace it with something that is far less costly to maintain. Read More... [et_social_share]

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