What is it? If you’ve come to one of our collections classes or read your Association’s Collection Policy, you may have heard the term acceleration. But what exactly is that? Accelerating means calling due all of the year’s assessments now. If it’s January and you accelerate assessments, all the monthly (or quarterly) assessments due thisGo to Newsletter
Newsletters
MASTER POLICY Master policies are a form of property and liability insurance carried by associations that the members pay for as part of their assessments. Master policies typically cover common elements in a community as well as portions of units at times. State laws pertaining to condominiums and most project legal documents creating condominiums requireGo to Newsletter
From time to time associations are forced to make a difficult decision of whether to evict a resident from a residence in the community. There are three typical situations where an association may feel the need to evict a resident. The first situation occurs after an association has initiated and completed a judicial foreclosure andGo to Newsletter
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 Newsletter
With annual meeting season upon us, along with the restrictions and complications attributable to the COVID-19 pandemic, and the need for associations to continue to conduct business, it is a fair assumption that many boards, managers, and homeowner are trying to figure out ways to take action without being physically present at a meeting. Go to Newsletter