How a Reserve Study for Your Condo or HOA Can Help You Budget Better
Do you find that your Association constantly has unexpected repair or replacement costs that you don’t have money budgeted for? If so, it may be a good idea for your Board to look into having a reserve study done for your community. A reserve study is a document used to help forecast and budget for […]
Budget Season 2021-22: New Factors to Consider Post Pandemic and Post Tragedy
Preparing an annual budget is by no means an easy task. Those charged with preparing condominium or HOA budgets will soon begin reviewing costs, gathering data and projecting expenses for the coming year. A well-defined, well-written budget is a powerful financial tool allowing funds to be saved and/or allocated for specific costs and projects; budgeting […]
Anticipating the Costs of a 40-Year Recertification
While it’s relatively easy to find a lot of information online to help you understand what a 40-year recertification is, it is much harder to find information about the cost of an inspection. The best way to find out how much a 40-Year Recertification will cost is to – of course – call around and get multiple […]
Tapping Reserves in a Time of Financial Hardship or Uncertainty
It’s a question we’re asked all the time: “Can we use reserves to cover an operating fund shortfall?” Under normal circumstances, our standard response would be an emphatic “No!” — because reserves are for major repair and replacement projects. But now, in a time of (inter)national crisis, reserves may play a valuable additional role at […]
Property Insurance Basics: What Boards Need to Know
Property insurance, by definition, is a guarantee of compensation for a specific loss or damage to physical property or equipment. Within that broad and simplified explanation there is room for multiple interpretations—and more than enough confusion to go around. An all-volunteer condo or co-op board of directors may be intimidated just thinking about what constitutes […]