Financial Resources

loading… Volunteer boards of directors of condominiums, cooperatives, and homeowners’ associations often perform a number of functions vital to the successful self-governing of the association: fostering community harmony, maintaining common areas, and establishing and enforcing rules. The ability of the association to perform these functions depends upon its success as a business.  One of theGo to Resource

loading… A.     Budgeting in General Prior to actual budget approval, consider the following: Set goals.  Review, revise and update goals each year.  Involve the community and Owners through meetings, opportunities to serve on committees and questionnaires. Establish a planning process for each service offered to community to assist with budgeting process. Each service provided byGo to Resource

loading… INTRODUCTION Profit centers in nonprofit corporations.  The first thing that probably comes to mind is “But, we can’t make money, we’re a nonprofit.”  True.  Most Community Associations are nonprofit organizations.  However, the ability to “make a profit” if you are a nonprofit organization exists none the less. Remember, the primary distinction between for profitGo to Resource

loading… Hypothetical: Owner lives in a decades old association. Owner consistently pays assessments in a timely manner. Owner’s association needs to make a major renovation to replace siding and repair wood structures, which will cost the association approximately two million dollars. The association does not have an adequately funded reserve fund and a special assessmentGo to Resource

loading… It is said that fraud takes motivation and opportunity.  If both are not present, fraud cannot occur.  It is hard to affect motivation, but managers and boards can control the opportunity.  In today’s economy with foreclosures, tight credit, and job layoffs, diligence in watching and guarding association money is crucial. Below are some keyGo to Resource