Last month I had the privilege of teaching the webinar “Help We Need More Money,” which was all about generating more income for associations. Whether an association needs more money because it has unexpected repairs, or insurance costs have quadrupled, or just due to inflation and other uncontrollable costs, many boards fall into the rhythmGo to Newsletter
Financial Resources
Winter is a great time to review your association’s governing documents including your declaration and rules and regulations to ensure your association is moving forward in a positive direction. Specifically, you want to make sure that your governing documents match up to how the Board and the community see the Association moving into the future.Go to Newsletter
Whether your community needs to borrow money to pay for a roof replacement or installation of a swimming pool, it is imperative to know all the requirements and limitations your community has before starting the process. Therefore, the first step an association should take prior to applying for a loan is reaching out to itsGo to Newsletter
ONE: Your Reserve Fund Is Your Friend. Don’t Ignore It. It used to be that I would periodically field questions on financial problems due to inadequate reserves. Today, I am constantly preparing special assessment letters, reviewing loan documents, drafting reserve study policies, and generally advising on all questions related to associations experiencing financial crisis. Why?Go to Newsletter
** Originally Published on: Sep 15, 2011 ** We have compiled a list of common legal terms to assist managers and board members with understanding the terminology used when discussing the collection of unpaid assessments. Assessment: The fee an owner is required to pay to the association, typically monthly, quarterly, semi-annually, or annually for suchGo to Newsletter