Tagfinances

Three More Condo Association Finance Committee Project Ideas

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Money makes the world go ‘round, and a good finance committee helps you save and make money.  Previously, we covered three Condo Association finance committee project ideas that would benefit your community: expense, revenue, and audit reviews.  If you’ve got a productive finance committee that is doing great work for your community, here are three more Condo Association finance committee project...

Three Actions to Get Your Condo Association Finances in Order

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Without money, your Condo Association is in deep trouble.  Fiduciary duty is the only codified duty of a Board member, and thus finances is your top priority.  An Association’s financial house can fall into disarray for a variety of reasons.  It might be an apathetic Board, a bad Board, or simply a new Association that doesn’t know what to do.  No matter what your situation, these actions will...

Three Condo Association Finance Committee Project Ideas

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Condo Committees are a critical ingredient to a great Condo Association.  Finance committees are often considered one of the less exciting committees.  They don’t throw awesome parties or improve your facilities.  But they can, however, improve your favorite resource: money.  These three Condo Association finance committee project ideas will help your community save money or use the money you...

A Practical Overview of the Condo Association Reserve Study

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The Condo Association reserve study is perhaps the most boring document you can imagine.  It is also one of the most important for your community.  It is a foundational document for all of your financial planning as a community, and the difference between smooth sailing and a special assessment.  Here is an overview of the Condo Association reserve study. What are Condo Association Reserves? As a...

Three Common Situations Where a Condo Board Will Waive Fees

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Life is messy.  There are many things that can unexpectedly happen which impact your life.  You might run into unexpected financial hardship, be relocated unexpectedly for your job, or suffer personal tragedy.  These issues can end up being overwhelmingly consuming.  While Condo Boards can be difficult and there are things that annoy them, they can also be compassionate.  Here are the three most...

Condo Association Special Assessment Preparation for Owners

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One of the scariest and impactful things that can happen to a Condo Association Owner is the dreaded Special Assessment.  Special Assessments are caused by a number of things – poor budgeting, unexpected repairs or perhaps deferred maintenance from a Condo conversion.  This can be a very disruptive time, but as an Owner, you have some options.  Here are steps to help you with Condo...

February 2017 Condo Association News

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We are still early in 2017, but the Condo world is off to a racing start.  This month had a number of interesting articles for every Condo and HOA geek to enjoy.  The dramatic Millennium Tower of San Francisco returns (it’s still tilting), the Michigan Condo blog drops serious wisdom (as always), and a lucrative story related to Condo dissolution.  Enjoy the February 2017 Condo Association...

Three Reasons to Buy in an Established Condo Association

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When you are Condo shopping, there’s a tendency to want to see the newest and best construction.  New buildings will have the most modern building codes, may be Leeds certified and environmentally friendly, and feature dazzling amenities.  All of these are good things.  However, if you’re an informed Owner, you know that a Condo is more than just the building – it’s the Association, the...

What is Condo Association Fiduciary Duty?

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The term “fiduciary duty” comes up often when talking about Condo and HOA Boards.  According to US Legal.com the official definition of fiduciary duty is: “A fiduciary duty is an obligation to act in the best interest of another party…A fiduciary obligation exists whenever the relationship with the client involves a special trust, confidence, and reliance on the fiduciary to exercise his...

Four Tips for Condo Association Budgets

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Fall is typically the time for developing Condo Association budgets.  This is because most Condo Associations run on a calendar year fiscal cycle and most Bylaws require a 30-day Owner comment period.  Budgeting is an extremely personal exercise – every community is different, with different amenities, costs, and tolerance for Condo fees.  Nonetheless, there are several tips that are...

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