Part of the duties of a community association’s board of directors includes fiscal responsibility. Among other things, the board of directors is tasked with prioritizing and making decisions regarding the best use of the association’s limited financial resources. Expenses such as common area maintenance, insurance, water, and professional services including management, accounting, and legal areGo to Resource
Financial Resources
A proof of claim is a document filed with the court in a bankruptcy case that registers a creditor’s claim against assets of the bankruptcy estate. A more simplified explanation is that it’s the form the creditor completes and files that tells the bankruptcy court how much that creditor is owed and why. ItGo to Resource
Chapter 7 bankruptcy cases tend toward the routine. The debtor files a bankruptcy petition, the trustee holds a “Meeting of Creditors” wherein the debtor is questioned under oath about the bankruptcy and a trustee determines whether the debtor has any assets that may be sold to pay his/her creditors. If the trustee finds thereGo to Resource
I can’t tell you how many times I’ve attended an annual meeting or board meeting where the subject was money. More specifically, the association is in a bind and needs money now. And, while the board could consider a number of options such as annual assessment increases, special assessments, or funding the project with reserves,Go to Resource
Associations and Loans: Review Your Documents Before Plunging In
Now that the economy is at an upturn and associations are feeling more financially stable, many associations are investing in capital improvements for their communities. Whether it’s installing a new swimming pool in the community, installing all new roofs, or upgrading the playground equipment, these types of projects are expensive and, oftentimes, require associations toGo to Resource