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 assessment isGo to Resource
Financial Resources
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 key thingsGo to Resource
Having difficulty staving off the rising tide of delinquencies? And are the circumstances that have put your association in this position outside of your control? You can’t control the economy or extinguish the existence of foreclosures and bankruptcies in your community, but you can control how you respond to these and other scenarios that tendGo to Resource
Introduction Associations are generally formed to perform many tasks on behalf of the owners within the common interest community. In order to perform these tasks, there must be sufficient monies. Thus, a funding mechanism is provided through the levying of assessments. The declaration for a community generally contains a provision addressing how the yearly assessmentGo to Resource
There has been much ado about reserve studies, reserve funds and investment of reserves in the last few years, fueled largely by changes in Colorado law related to reserves. It is no wonder board members and managers often have a lot of questions about what is required and what is prudent. This article is designedGo to Resource