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It’s that time of year again – budget season is upon us. You know the things to consider when creating your budget, but what drives your process? Are you focused on achieving a particular vision for your community? Avoiding conflict in the community? Solely looking to avoid increasing dues?

If you're on the board of a condo, co-op, high-rise or HOA, you know that managing your homeowner's association 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.

One of the most important responsibilities your HOA board of directors faces is effectively planning for major common-area repairs and replacements. Whether a costly expenditure is needed in a few years or 20 years from now, it’s the board’s fiduciary duty to make sure your homeowners association (HOA) has adequate funds when the time comes. That’s where HOA reserves come into play.

Have HOA budgets changed in 2020? Find out what 7 trends have shaped association budget planning this year.

Be honest: As a board member for your homeowners association (HOA), how much do you think about cyber security? More and more, hackers are targeting small businesses – and remember, your HOA is a small business. In part two of this three-part series, we offer tips that your board should take to keep your community safe from hackers.

Your board took the time to create a solid budget your association can stick to. Now how do you regularly measure your success at doing so? Regularly generated financial statements are the best tool for keeping an eye on the fiscal fitness of your association.

If your main concern is to avoid increasing assessments, you may want to reconsider. As a board member, one of your primary fiduciary responsibilities is to protect property values, and assessments are an investment that helps do just that.

Enforcing HOA policies is nobody’s cup of tea, but having good policy enforcement in place helps improve the resident experience and elevates your reputation. Follow these 4 principles for healthy policy enforcement:

Are you really getting the best returns on your reserve funds? Most Nevada board members aren’t sure. Learn six ways to improve your reserve fund returns.

An important job when you are on the board of a homeowners association (HOA) is to properly manage the HOA budget. One way that you probably do this is by trying to get the highest-quality products and services at the lowest possible prices. Sure, it’s great to save a couple of hundred dollars, but what if you could save even more? Some Nevada communities have done just that.

It’s vital to prepare for the future and take steps to protect your association reserve funds. Here are 3 ways to manage reserves during a crisis.

FirstService Residential offers tips on spring preventative maintenance for high-rise buildings.

There are valid reasons to raise assessments, but in some cases, you may be able to go a different route. Here are three strategies to save your HOA money and keep assessments stable.

From Las Vegas to Lake Tahoe, Nevada attracts a multitude of tourists and convention attendees. One type of lodging that has gained popularity among visitors is renting a room, a high-rise unit, or an entire house from a homeowner. This may seem like a great way for homeowners to make some extra cash while giving travelers a way to avoid the cost of more expensive hotels. However, there are a number of things to consider before deciding to rent out your home—especially if you belong to an HOA.

There are numerous reasons why working with a management company can help your community achieve its vision and goals. Read on to learn 6 of the major benefits you can experience when you transition from managing your own staff to having a staff ran by a management company.

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.

Everything you need to know about the tax certiorari process in New York.

A new law will require residential and commercial buildings to prove their energy efficiency

The Climate Mobilization Act, requires buildings 25,000 square feet and larger to reduce greenhouse gas emissions by certain target percentages in 2024, 2030, and beyond.

Hoarding can be dangerous to every resident in your NYC condo or co-op building. Learn how to work with hoarders in your building today.

As you begin to work on next year’s budget, it’s important to look for ways to save your building money to offset those unplanned expenses and potential revenue shortfalls.

NYC's latest Local Law #147/2017 requires all owners of class A multiple dwellings, including all coops and condos, to adopt a “smoking policy” no later than August 28, 2018. The purpose of implementing such a policy is to outline the requirements of this law so board members may consider how their coop or condo will comply.

Maintenance fees are an investment in the future of your building. Don’t be afraid to increase co-op or condo fees slowly and steadily to maintain high property values.