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It’s the typical budgeting dilemma for community association boards: How do you keep assessment fees manageable and still maintain the community’s operations?

There’s a lot to love about living in a community with a homeowners association (HOA). The amenities. The sense of belonging. The high aesthetic standards. But none of that happens without stable finances. With that in mind, here’s the bottom line on financial best practices for your HOA.

If your community is professionally managed, consult your property management company for more information – a quality firm can leverage its budgeting and financial experience to provide guidance. But to get you started, we’ve compiled some information about the Consumer Price Index – what it is and what you need to consider before you get started.

Board members have a fiduciary duty to protect the financial interests of both their homeowners association and fellow residents – and that includes ensuring that their HOA’s operating and reserve funds are properly managed, invested and protected.

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.

Floods are one of the most common types of natural disasters. They can also be the most detrimental for high-rise buildings. The nature of these buildings makes them particularly vulnerable to flooding caused by severe storms.

Wildfires continue to be a constant and deadly threat across North America, and the risk intensifies with soaring annual temperatures, strong winds and severe drought conditions.

As consumers, we’re familiar with saving money by purchasing products like food and household goods in bulk. But, can this same savings model be applied to the purchases and operational costs of a homeowner association (HOA), condominium or community association?

As a community association board member, the countless hours you volunteer go toward assisting with a very important objective – creating a safe and vibrant community. In many cases, this means assessing your association’s insurance policies to guarantee that your community is fully covered, appropriately insured and receiving the best value for the cost.

As a board member of a condominium or homeowners association near the coast, hurricanes are of special concern. But did you know that the best property management company can help you prepare for the season – and even minimize its impact on your community? That makes your property manager more than just a fair weather friend.

As communities in Texas and Florida discovered in 2017, hurricanes can be devastating, even if your community takes all the proper precautions to reduce your association’s risk. Read how a property management company should assist your community after a storm passes.

Hurricanes can bring tremendous physical destruction and financial ruin to a community association unless policies are put into place to prepare for the storms before they arrive, and to deal with the consequences afterwards. Every board whose association could possibly be impacted by a hurricane must have a hurricane preparedness policy to help maximize safety, minimize risk and ultimately, protect its operating budget too. And just as important as having a policy is communicating the policy to your residents.

Swimming pools are one of the most common, and most desirable, amenities in communities. Making sure to have proper community pool insurance coverage.

During these unprecedented times, residents are spending the majority of their time at home to prevent the spread of COVID-19 and protect themselves and their loved ones from infection. One of their primary contact points with the outside world is in your HOA or condo common areas, where they can be at risk of contact with lingering coronavirus or even spread existing virus to other areas of the property. Read on for a comprehensive list of places to clean and how to clean them.

Maintaining your buildings’ assets is not a one-size-fits-all proposition. The common areas require a broad range of routine maintenance and repairs to keep them looking good and operating smoothly.

Hurricanes. Floods. Tornadoes. Hail. Wildfires. Lightning strikes. Earthquakes. Blizzards. Mother Nature has quite the arsenal to throw at us! Unfortunately, every part of North America is subject to one or more of these events. Some, like hurricanes, come with enough advance warning to prepare for them, but most do not. That’s why it is critical to the financial health of your community association to have the proper insurance coverage in place.

In many parts of the country, flash flood watches and/or flash flood warnings are often issued during torrential downpours, especially in hurricane-prone and/or low-lying areas.

It’s a term that gets tossed around quite a lot. But “conflict of interest” is a real and genuine threat to your association and its proper stewardship. Understanding what the term means – as well as how to recognize and avoid conflicts of interest– can go a long way toward ensuring the strength and stability of your community and eliminating many concerns.

While exclusive communities like the Hamptons or Malibu will always be attractive locations for affluent vacation home buyers, several new trends are emerging in the growing second home market.

Losing power is never fun. But it’s bound to happen at some point, so preparation is the best defense. Obviously, different types of communities are affected by blackouts in different critical ways: high-rises lose their elevators and water; resort-style gated communities lose the ability to operate their gates. For residents, a blackout may be a short-term nuisance. For a community association, it can be a major headache in terms of risk management, safety and potential equipment damage that can provide an unwelcome shock to your budget.

Part of your job as a board member is ensuring the safety of residents in your community association. To that end, it’s important to educate homeowners about possible fire risks and the steps they can take to prevent fire hazards in their homes. Chances are that fire safety isn’t top of mind for residents. However, home fires are more common than most people realize.

In our guide to capital improvements , reserve studies and their relationship to capital improvements and preventive maintenance were discussed at length.

Your reserve fund is what helps your association anticipate its future– and budget for it, too. This fund gives you the power to maintain the quality of your community by allowing for projects that are both necessary and expensive (like a future roofing or paving project, for instance).