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Association Budgets: Mapping Out Your Strategic Plan
Association Budgets: Mapping Out Your Strategic Plan
Jul 25, 2017
Dive into the details of creating a strategic plan for your homeowners association.
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Cartoon graphic of clipboard and documents with words, Uncover the secrets to establishing an annual budget and sound financial planning
Association Budgets: Things to Consider When Creating Your Association’s Budget
Jul 24, 2017
As a homeowner, you want to live in a place that accentuates your style – from a beautiful entrance monument or exquisitely decorated building lobby, complete with freshly pruned trees and lush landscaping – but unless your association board has strategically planned out your community’s budget, you can forget all of that. The budgeting process is a valuable opportunity to explore the current financial condition of your association and ensure its financial stability for the future.
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Clipboard with graphs and a 3-D bubble on top
Association Budgets: Creating a Road Map to Success
Jul 19, 2017
It’s budget season! Are you stressed? Concerned about a potential dues increase or large capital project looming in the future? The word ‘budget’ can be scary, so thinking about creating next year’s budget is daunting for many homeowner boards. We’d like to change that.
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Community association members sitting at a cluttered desk and loosely conversing
10 Meeting Myths in Community Associations
Jul 18, 2017
There are several reasons why you might be having trouble. Let's dispel some common meeting myths and explore what it takes to run a good one.
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Female HOA board member smiling, leading a meeting with various people sitting at a table in suits
Board Basics: Defining Residents’ Rights and Responsibilities Creates a Happy Community
May 11, 2017
When it comes to community living, a little bit of knowledge can pay off in a big way. When residents are fully informed about their rights and responsibilities and what they can expect from their homeowners association – including what they’re expected to contribute – it can go a long way towards creating an HOA community that is friendly, efficient, serene and yes, even happy.
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Close up of business man's hand pointing to graphs displayed on a tablet, while sitting at a desk in an office with another businessman
HOA Audit & Reviews: The Differences, Requirements & Responsibilities
Mar 20, 2017
Is your association considering a financial audit or review, but aren’t sure how or where to begin? Michael Mullen, of Michael P. Mullen, CPA, explains the difference between the two, outlines the legal requirements per the Minnesota Common Interest Ownership Act (MCIOA) and clarifies the responsibilities between a property management company and a Board.
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Artistic image of living room under water
Residential Drainage Problems Your Community May Face
Feb 09, 2017
Before we know it, spring will be here and with that can come a fast melt from Minnesota’s winter months. Melting snow and spring showers bring excess water and that may lead to drainage issue in your community association.
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Community Insurance - Four Key Points You Should Know
Community Insurance - Four Key Points You Should Know
Feb 06, 2017
It’s crucial that Minnesota community association Boards have a clear understanding of the community insurance policy in place at their association. All associations will have different requirements for their homeowner association insurance coverage as laid out in their bylaws and declarations, and Board members have a fiduciary responsibility to protect the best interest of their HOA and its owners. In addition to this upholding duty, associations are also under pressure to find the least expensive homeowner association insurance options available. But there is a caveat – like most things, community insurance is a buyer beware situation – not all policies are created equal, and if you overlook certain types of coverage, it could end up costing the association more than anticipated.
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Foreclosures, Collections and Property Values
Foreclosures, Collections and Property Values
Jan 25, 2017
The Twin Cities real estate market is enjoying a welcomed period of prosperity, and a topic not often making headlines is foreclosures. At some point in the future, this nasty word may again join the common vernacular of any real estate conversation, though it’s debatable to what degree and how soon. It is important, however, to reflect on the effect these so called ‘distressed’ properties have on Twin Cities communities so we can be more prepared for the next time we experience a declining market.
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HOA Collections: Is Your Minnesota Community Being Proactive?
HOA Collections: Is Your Minnesota Community Being Proactive?
Jan 06, 2017
If only everyone paid their assessments on time every time…well, let’s just say we wouldn’t be writing this article. Regular assessments are what fund the operating expenses for your association, and if some homeowners don’t pay, it negatively affects everyone.