Search

It’s that time of year again – budget season is upon us. You know the steps to creating your budget, but what drives your process?

If you’re on the board of a condo, co-op, high-rise or HOA, you know that managing your community’s budget is a major priority. You’ve likely explored many ways to save money and get the best deals, while still maintaining a high level of service.

Congratulations! After weeks of house hunting, you finally found the perfect home for your family, complete with a convenient location, lots of great amenities, a well-run HOA and an asking price that fits your budget. Time to break out the bubbly and toast your good fortune, right? Not so fast. Before you pop the cork, you’ve got one more hurdle to overcome – getting a mortgage loan.

Congratulations! You just bought a new home and it’s perfect for your family – just the right size, condition, location and neighborhood to meet your needs. Your new home is part of a homeowners’ association (HOA), which means you will pay HOA fees. What is an HOA fee? What do they pay for?

The chief responsibility of a community association board member is to preserve, protect and enhance the community. That includes, above all else, its financial health. But you can’t affect the financial health of your community if you don’t understand where it is when you join the board. Balance sheets are the best tool for gaining that basic understanding.

Budgeting can be tough. It requires that boards look at their priorities and the needs and wants of the community, plus the money coming in and going out -- and making it all balance. As an association board member, producing a responsible, effective budget is one of your primary responsibilities.

Your community or condominium association is there to protect the interests of all of its members. However, there may be situations when one or more residents don’t believe that the association is on their side. Hopefully, everyone involved can come to a reasonable solution, but if you can’t, it’s possible that your association – and even your board members – could become the target of a lawsuit.

You know that your association needs to have the right insurance coverage in place. So you have property coverage, liability insurance, workers’ compensation, directors and officers (D&O) and an umbrella policy in place. Premiums are paid regularly and on time. Did you know that’s not enough?

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 clear communication to homeowners, through every step of the process, is the best way to avoid problems.

Nothing lasts forever…and when it comes time to replace your high-rise roof, community pool or to add new amenities, your association will need to determine how to pay for it. All of these things – significant repairs and replacements, as well as new construction – are considered capital improvements.

Your fiduciary responsibility is the most important commitment to fellow homeowners. Learn cost containment strategies that can save your association money.

The COVID-19 pandemic is presenting unique challenges to shaping a solid 2021 budget. Is your association budget on target to meet your short-term goals and help achieve your long-term vision?

A proper budget is the cornerstone of any business, and a Condominium or Homeowners Association is certainly no exception. Here are steps you can take to make the process as painless as possible.

Property taxes are a reality for all property owners, but they can petition for an appeal. Condo owners and association Boards can file a joint petition for property tax appeal to cover all units in the building.

Estoppel certificates are a critical part of any real estate transaction and can be confusing. What's included, how are they created, what does it all mean? Learn more here.

A great board treasurer has skills and characteristics to tackle the responsibilities of planning and strategizing the financial livelihood of a community. The right treasurer can make a big difference!

Get helpful tips that your HOA or condo association can do to reduce energy consumption and lower your community’s electric bills. Learn more!

When your association has to invest in its property, whether for repairs or a new construction project, the financing for that work must be considered as carefully as the work itself

Often, expectations are not met when dealing with vendors. These tips will help you get the most from your contractor.

Learn ways your association can offset the financial impact of the COVID-19 pandemic.

Tending to your community's landscaping sends a clear message that your property is desirable, prosperous and well managed. Here are tips to make your community the neighborhood's pride and joy!

In June, the Miami Beach City Commission unanimously approved an ordinance to increase the city's minimum wage. First proposed by Mayor Philip Levine, it will take effect on January 1, 2018.

Your budget should be a tool to move your community to action, and as such, it is important to follow some guidelines. Below are eight tips for preparing a budget that works.

Choosing a vendor is a decision that should only be made once you're re sure you've done your research. Here's a list of reasons why it makes more sense to go with a top-level vendor...even if it costs a little more.