Most covenants for condominiums require that the association include as part of the annual budget, an allocation for reserves. Reserves should be set aside for roof replacement, pavement resurfacing, building painting, and any other item of association responsibility with a replacement cost or deferred maintenance expense of $10,000.00 or more. Read More……
Budget Season: How is your HOA handling reserves?
After a wonderful holiday weekend, it’s time to saddle up and get back to work! For management and boards of homeowners’ associations (“HOAs”), that means budget season is now in full swing. While community association managers play a pivotal role in assisting boards with the creation of budgets, it’s ultimately up to each board to […]
Striking a Balance: Associations Weigh Revenue Increases Against Service Cuts
As they gaze across azure seas, past palm trees and swimming pools on a tropical coastline, prospective buyers on HGTV’s “House Hunters” show always ask about the fees. Unlike most would-be residents, though, they might not bat an eye at the price tag. Closer to home, savvy home shoppers watch the trends in condo pricing, […]
It’s Budget Time Again – Let’s See If We Can Get the Owners to Read It
[This is a re-print of a blog I did last year, from a longer article I wrote a number of years ago. The point is still valid, even more so in these tough economic times] One of the most common complaints about associations is that the owners don’t know how the money is being spent. Boards […]
Budgets and the “Tea Party”
So, I’m in northern Michigan, taking care of an ailing parent – a place where the discussions usually revolve around health and the weather – never about my business. I decided to drop in on the local AmVets post, to “ease some stress”, and give them an medical update, when one of the patrons looks […]