At the end of every calendar year, board members for community associations gather around conference tables, dining room tables, or tables in local libraries to have the unpopular and often dreaded discussion of how to explain to owners in their communities that their association monthly assessments are going to increase for the upcoming year. We […]
Prioritizing Projects in Your HOA Neighborhood or Community
When it comes to figuring out which community projects to tackle, association management is a balancing act between invisible infrastructure repairs and maintaining curb appeal to attract new homeowners and keep current homeowners satisfied. The best way to handle this balancing act is to treat running your association like the business that it is. In […]
Crunching The HOA Budget
Fall is the time when most homeowner associations count last year’s costs and crunch next year’s numbers hoping to squeeze blood out of the HOA’s turnip. Often it’s so dry, there isn’t even any turnip juice left much less any O positive. But crunch you must. Here are some of the ways to make the […]
After HOA Budget Timelines, It’s Time to Build That Budget
Now that you’ve created your timeline and its tasks, Crummack Huseby’s financial experts want to share insights on creating and implementing the smartest budgets for your community. It’s important to consider expense questions your Board should ask, what your management company’s accountant should know, and thoughts on the timing of assessment increases. Read the article………………
Considering Your Budget In Summer
Between the accounting, meetings and receiving community approval, just the thought of preparing an annual budget for your homeowners association may be enough to make you cringe. If given plenty of time to draft and review, your association can successfully create a budget that benefits the community. Establish homeowner buy-in and less conflict with these […]
Budgeting Tips for HOA Boards
It’s hard enough to manage personal financials, with medical expenses, home and car insurance, mortgages, etc. So, how should you, as a board member, best tackle the finances of an entire HOA, especially when your term on the Board is comparatively short compared to the financial history of the HOA you’re in charge of managing? […]
Making Cost-Cutting A Priority In Your HOA
Many homeowner associations find it challenging to accumulate the funds they need to provide a reasonable level of services and maintenance. Simply keeping up with inflation currently calls for a 2-3% annual increase in revenue. But fighting inflation can be easy if the board makes cost-cutting a priority. Start by identifying the high-ticket items. Read […]
Smart Strategies for Association Budget Preparation
In order to operate a successful community association, there are many important facets of association governance that must be understood and implemented by its Board of Directors. One of the most important is the budgeting process. Most associations are “multi-million dollar non-profit corporations.” This means that the association board is often running a small to […]
Your HOA Budget Timeline and Tasks. What Should You Do First?
Every good plan needs a timeline and budgeting is no different. The budget process for HOA’s should start 6 months before year end. In the first 2 months you’ll gather your materials. Necessary materials include the annual reserve study, contract and utility cost increases, planned one-time operating expenses for the coming year and the community’s […]
HOA Pencil Sharpening: Crunching The Numbers
Now is the time when most homeowner associations count last year’s costs and crunch next year’s numbers hoping to squeeze blood out of a turnip. Often it’s so dry, there isn’t even any turnip juice left much less any O positive. But crunch you must. Here are some of the ways to make the cash […]
Creating Additional HOA Revenue
Unexpected expenses are unavoidable, even for an HOA. Whether they come as a result of natural causes, like weather or pests, or from unforeseen maintenance issues, there may come a time when your HOA dues simply can’t cover the costs of running the community. Below are some ideas of how to bring in extra funds […]
How to Minimize Maintenance Expenses and Keep HOA Fees From Increasing
We all know how important it is to try and consider taking a green approach in our daily routines. What if you could go green while also helping the community in your homeowners association? Residents can help their homeowners association minimize its maintenance expenses, which can also avoid HOA fees from increasing, by observing a […]
6 Easy Ways Your Community Association Can Save Money
Everyone is talking about saving money and cutting expenses these days- but what does that really mean to you and your association? With assessment income down and operating expenses up, many associations find it hard to pay vendors and continue services, so how does an association cut expenses? Here are a few real, inexpensive ways […]
Board Responsibility/Budgeting (AZ)
You often will hear new board members ask their manager or management company just “what exactly is my responsibility as a board member?” While the Bylaws generally do a satisfactory job in explaining the day-to-day duties of each officer, they (Bylaws) often miss the mark on what the board’s main objective is. The main focus […]
The Vision Thing
The words keep falling out of my mouth. I see it again and again. So many boards think their mission is to keep fees low, period. Ironically, the mindset that this engenders pretty much guarantees that in the end, everyone will pay more. Never forget that the budget is a tool. It is part of […]
Budgeting for Your Web Site
A good way to plan for the future of your web site is to start building an annual budget for it. Publications have budgets. Ad campaigns have budgets. A budget isn’t just a dollar amount thrown down on a spreadsheet, but it is a plan of what it will cost to do what you want […]
Condominium Association Fees – What Are My Monthly Fees Going Towards
When you move into any sort of condominium association you will likely have to pay monthly assessments. These condominium association fees will vary based on the type of home you live in and the services and amenities you get for the fees. There are a variety of pricing levels that will fit various budgets and […]
The Squeeze Is on For Co-op and Condo Boards
The squeeze is on for co-op and condo boards. The new GOP tax law has skewered taxpayers in high-cost states, including New York and New Jersey. One result of the unpopular tax law is that values of co-ops and condos are likely to decline – which in turn will depress apartment sales and cut into […]
What Can an HOA Board Do if Owners Refuse to Pay Special Assessments? (CA)
Homeowner associations are sometimes faced with special circumstances that arise even when they’ve done an excellent job of planning for replacement costs. Large-scale repairs, emergency situations, or capital improvement projects may occur that put their reserves dangerously low. Special HOA assessments, in addition to monthly HOA fees, could then be the best option. Read the […]
Three Actions to Get Your Condo Association Finances in Order
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 […]
Budgeting in a Self-Managed Building Can Be Overwhelming
When Judy Levine was recruited as treasurer at 177-179 Duane Street in Tribeca in 1994, the board thought her day job – as executive director of Cause Effective, a nonprofit organization that helps other NPOs raise money – would give her a leg up. But when she started tackling her first budget for the self-managed […]
Five Reasons to be Wary of Low HOA Fees
Common wisdom dictates that cheaper is not always better. A pair of shoes that is initially more expensive can save money in the long run by requiring replacement less often. This concept is easy to grasp with physical products, but is unintuitive when it comes to HOA fees. What HOA assessments actually pay for is […]
5 Ideas For an HOA Side Hustle
It seems like everyone has got a side hustle nowadays, for Airbnb to Uber and beyond. Many HOAs don’t realize that these revenue generating ideas could be implemented to benefit the HOA and it’s members. We all know that most homeowners associations frown upon tenants subletting their apartments on hospitality websites. But many boards don’t […]
HOA Fees and How to Determine Them
How HOA fees are determined is usually one of the main points of disagreement in communities. Homeowners insist on knowing how their money is being spent, and boards often struggle to decide how much each resident needs to contribute to make sure the community has sufficient funds. While it’s easy to compare your community with […]
Why Keeping HOA Fees Low is a Terrible Idea
Working for one of the largest HOA management companies in Northern California I get a lot of phone calls from distressed HOA board members. I hear the same story emerging from these different homeowners association. It’s a sad pattern that is all too common. The story goes something like this: Read the article…………….
Creating an HOA Budget Committee
Your homeowners association has set up a board of directors that will help govern the HOA. Not every responsibility, however, must rest with every member. To work alongside and within your board of directors, you need a budget committee that will help control the finances of your homeowner’s association. Read the article…………….
“You Simply Can’t Get Away Without Maintenance Increases.”
Yesterday we heard from co-op and condo board members who rigorously resist raising monthly charges; today we hear from counterparts who believe that regular raises, though unpalatable, are the only responsible way to handle a board’s fiduciary duties. “In this day and age, you simply can’t get away without maintenance increases,” says Stanley Greenberg, an […]
9 Budgeting Tips for a Smoother Financial Planning Process
Community associations are constantly facing the challenge of doing more with less. Quality maintenance services, communication tools, insurance coverage, opportunities for engagement and more always need a place in the budget – but as homeowners demand high levels of service, maintaining low assessments becomes increasingly difficult. That’s why we asked our community management professionals from […]
Handling Special Assessments in Your HOA
Special assessments happen. No matter how well managed an association is, things happen and money reserves can be exhausted, making special assessments necessary. Since it won’t do your community any good to pretend your HOA is above special assessments, we encourage you to focus on these tips to make the process simple and understandable for […]
3 Common Homeowner Responses to an Increase in HOA Fees
We all have heard the question time and time again, “Why do my HOA fees continue to increase?” Although it may not be news most homeowners want to hear, sometimes an increase in fees is the best way to keep the homeowners association in good financial health. Here are some of the reactions homeowners typically […]
Proactive HOA Budgeting for Your 2018 Capital Improvement Projects
Proactively planning your 2018 capital improvement projects is a key step in your 2018 HOA budget preparation process. First, be sure to carefully prioritize next year’s projects so that the most critical are guaranteed to get done, while the “nice to haves” can get done if time and funds allow. Once you’ve prioritized your 2018 […]
Avoid Misunderstandings about Dues
Across the country people are wondering how and where their HOA dues are being used. It’s a good question to ask, but it also one that an HOA board should be able to answer quickly and easily. To reduce miscommunication with homeowners, the board first needs to understand these things about HOA dues and openly […]
How to Plan an Effective Budget for a Community Association
Preparing your association’s annual budget…it can be a source of stress, but more importantly, it’s a valuable opportunity to ensure the financial well-being of both your association and homeowners. Proper association management hinges on this financial tool for both short-term and long-term planning, so it’s important to follow some guidelines. Read the article………….
5 Tips to Keep Homeowner Association Fees Down
If you’re a Board member looking at how to keep fees in a homeowner association down, we have five things you can do to help reduce expenses. Without further delay, here they are: Read the article…………….
What You Should Know about Why Homeowner Associations Have Fee Increases
Why homeowner associations have fee increases is not mysterious; here are a few things that everyone should know about it. The short answer to fee increases is that the cost of goods and services in general increase so naturally the HOA ends up paying more for goods and services, too. Still, some HOAs are better […]
Budgeting Best Practices
Preparing the annual budget is one of the Association’s most important responsibilities. The Board has the fiduciary role in establishing a well prepared budget that’s main purpose is to determine what the assessments will be for the upcoming year. Preparing a budget often comes with many challenges as the Board may encounter unanticipated expenses and […]
What an HOA Board Should Do Now at the Start of the New Fiscal Year
If your homeowners association operates on the fiscal year, then you’re already a month into the new year – Happy New Fiscal Year! Have your fellow HOA board members asked this question: how did we do last year? If not, then now’s the time to re-evaluate and ask the following questions so your Board sets […]
5 Tips about How HOA’s Determine HOA Assessment Rates
There is a lot about the question how are HOA assessment HOA rates determined that you may not know; indeed, here are five tips that everyone should keep in mind regarding this topic. Read the article………………
Funding Your Future: Predicting & Budgeting Your Association’s Repairs & Improvements
All community associations require routine maintenance, repairs, and replacement over time to ensure they remain in good condition. The task of ensuring the Association retains sufficient funding to pay for this maintenance, repair and replacement work falls squarely on the shoulders of the Board of Directors. Balancing the Association’s financial and maintenance needs is a […]
Understanding the Why’s Behind an HOA Special Assessment
An HOA special assessment is a fee that is charged to each housing unit within a development, to be used to cover an unexpected expense or other short-term occurrences. Special assessments are charged separately from your HOA fees, and they usually arise due to a shortfall in the reserves of the HOA. This article will […]
HOA Fees — Hated or Just Misunderstood?
Nearly every homeowner in a condo or HOA has asked themselves at one time or another “What do the HOA fees pay for”. The answer is different for every community but the fact is the average homeowner doesn’t know where HOA fees are spent. Heck, you probably have a better idea where the homeless guy […]
Making Special Assessments Work: Fixed Incomes, Low Incomes, & Hard Times
For residents on fixed incomes, or those who are already struggling to make ends meet because of a job loss, illness or divorce, any hit to their already-stretched-to-the-max budget can be devastating. So when a board levels an assessment on the residents of a co-op, condo, or HOA because of an emergency repair, an unforeseen […]
How climate change could affect maintenance fees
Summer 2016 was one of the hottest on record in the Greater Toronto Area, with experts predicting summer temperatures could soar to 44 degrees Celsius by 2050. In this rapidly changing climate, the city’s high-rise buildings are also feeling the heat, with the provincial government tightening up the Ontario Building Code to meet new global […]
Follow the Money: Explaining to Residents How Their Funds Are Spent
One of the most common questions homeowners ask board members and community managers alike is, “What are you doing with our money?” Understanding how to answer that question is important for all board members. Read the article……………
Why No One Wants To Talk About HOA Fees
The dreaded topic…HOA Fees…. Board members have to determine them, enforce and collect them, and decide when to raise them (the undoubtedly unpopular decision). And homeowners generally don’t like paying them. A recent article by Joe Ducey on abc15.com sites one of the biggest complaints of Valley HOA residents is that residents don’t really know […]
3 Tips for Improved Revenue Growth
Your HOA is like any other business, and to succeed, you need to see revenue growth. However, it can be a little hard to figure out how exactly to increase your revenue. For help with more money in your HOA, check out these three tips. Read the article……………
How condo maintenance fees are calculated and spent (ON)
There are more than 2,500 registered condominium corporations in the City of Toronto. While those condominiums may range from skyscrapers made up of apartment-style units to blocks of townhouses, one thing that every condominium corporation has in common is the obligation for unit owners to pay common expenses. Maintenance fees will often be several hundred […]
6 Ways to Use Your Budget as a Catalyst for Change
In today’s chaotic world, we are all searching for more meaning – whether it’s in our personal or professional lives, or both. Relevancy is important, and our impact is the measurement of that relevancy. While I could give you plenty of advice on how to take a vision quest to find personal fulfillment, in this […]
6 Ways to Use Your Budget as a Catalyst for Change
In today’s chaotic world, we are all searching for more meaning – whether it’s in our personal or professional lives, or both. Relevancy is important, and our impact is the measurement of that relevancy. While I could give you plenty of advice on how to take a vision quest to find personal fulfillment, in this […]
How to Implement Your Community Association Budget
You’ve done all the homework. Crunched the numbers. Your reserve study is complete, your vendor agreements have been checked and your budget is done! Now what? There’s an entire process to creating the budget, followed by implementing it, and Mary Signorella, account executive for FirstService Residential, said that clear communication to homeowners, through every step […]