by Burke Nielsen | Jul 7, 2016 |
A survey found that nearly 62% of American households have less than $1000 in savings or no savings at all. Numbers like this make it difficult for special assessment to be successful and make the HOA loan option a bit more attractive. But what are you really getting into with an HOA loan? Read More...
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by Craig Huntington | Apr 6, 2016
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...
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by John Richards | Feb 12, 2016 |
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...
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by Burke Nielsen | Jan 12, 2016 |
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...
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