FHA and VA Loan Approvals

As you may know, one of the primary roles of the Board of Directors is to preserve, protect and enhance the value of the homes or units in your community. Some condominium and homeowner associations have taken steps to make their communities more attractive to prospective purchasers by making VA and FHA financing available inGo to Resource

Community Associations and the IRS

We often get asked whether community associations can or do qualify as 501(c) organizations under the Internal Revenue Code.  Sometimes the question arises because the association derives too much income from sources other than assessments to file IRS Form 1120-H, and it is looking at way to decrease its income tax liability.  Below are someGo to Resource

Budgeting Basics

Budget season has arrived.  And with budget season comes the daunting task of planning, executing, communicating, and obtaining approval for your budget.  Here are some budget basics and practice pointers that all boards and managers should know: Do I have to plan and adopt a budget every year? If your community is a pre-CCIOA commonGo to Resource

Borrowing Money

As the association industry matures, more and more communities are faced with the responsibility and need to perform major repairs of common facilities.  Often, because of poor planning, inflation, or unanticipated problems, associations have not accumulated sufficient reserves to finance needed repairs. In the past, when faced with major repairs and insufficient funds, associations hadGo to Resource

Associations Using CPA’s: Is it Really Necessary?

Although homeowner associations are created as nonprofit corporations, this does not mean the associations do not engage in financial transactions or require the services of a certified public accountant (CPA). For example, it is common for an association’s governing documents to require a financial audit or review on an annual basis, and associations are requiredGo to Resource
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