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 Resource
Financial Resources
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 Resource
Common Collection Terms
** 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 Resource
We all hope to avoid conflict and to resolve disputes informally before they go to court. That is why associations are required to have written dispute resolution policies. But sometimes, a lawsuit is unavoidable. If you are a manager or board member for an association that has been sued, there are a number of importantGo to Resource
Many believe that associations are not required to pay taxes because they are non-profit corporations. However, in most cases, that is not accurate. In order for an association to be exempt from taxes, it must qualify as a tax-exempt entity under Section 501(c)(3) or (4) of the Internal Revenue Code. Section 501(c)(3) of the InternalGo to Resource