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Sometimes confusion exists over what expenses the operating budget covers and those that are reserve fund responsibilities. If board members understand the difference between the two, it's much easier for them to make the correct decisions when managing the affairs of the condominium corporation.

There are so many things to enjoy about living in a condominium community. Among them are the sense of community, the great amenities and the high standards. However, if your condo corporation’s finances aren’t stable, none of it is possible.

Proper condominium management depends upon the annual budget for both short- and long-term financial planning. It’s important to follow some guidelines to ensure the success of the community and protect the investment of the owners.

Short term vacation rentals are popular with both travelers and the homeowners that rent to them. Perhaps you have stayed in a home that was advertised on Airbnb or VRBO. Maybe you have rented your home this way. For the most part people love this alternative to staying in a hotel or a B & B. But what are the implications when the home is part of a multi-family community? What about the common areas and amenities for which all the owners pay upkeep? There can be insurance implications as well. This article discusses some ways the risks to the condominium and its residents can be reduced.

A good budget provides the framework for the successful operation of a condominium corporation. Sometimes condo board members are daunted by this important undertaking. We have broken the task down into manageable steps to help you create a financial plan that will accomplish your goals.

Safeguarding a condominium corporation’s operating and reserve funds is one of the main fiduciary duties of all board members, not just the treasurer. This means that boards must protect the financial interests of the corporation and its members by making sure all funds are properly managed, invested and protected.

Continually maintaining and improving your property is crucial if you want to protect your condominium corporation’s financial health. To ensure that these important responsibilities are well managed requires a long-term plan and a means of effectively handling day-to-day projects. Here’s how you can make that happen.

The board of a condominium corporation has many roles and responsibilities. This article highlights the importance of the duties the treasurer must fulfill on a volunteer condo board.

Adequate funding and planning preserves your community for future residents.

Learn more about which Florida HOA laws passed in 2020, and how these new bills will affect your community.

Knowing where your assessment money goes is essential to being a savvy association or co-op resident. In this article, we break down the main cost categories.

Now is the time for building engineers to winterize their buildings to protect them from harsh Illinois winters.

Is your building prepared for Local Law 152 gas piping inspections? FirstService Residential recommends getting ahead of schedule to avoid unforeseen deficiencies and costly fines.

FirstService Residential managed properties have access to the tax certiorari experts at Goldberg Weprin Finkel Goldstein LLP, the premier firm in this specialized field.

FirstService Residential has invested substantial resources to facilitate each of our managed properties with facade inspections and is here to help you navigate the many intricacies of FISP.

Catch our latest online discussion with our lifestyle gurus, who'll discuss this year's lifestyle trends, best practices and hosting virtual events.

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

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.

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

Around the world, the property and casualty insurance industry experienced record losses from 2016 to 2019, and consumers are now feeling the effects on both a macro and micro scale.

For board members, special assessments are typically unwelcome necessities. They are primarily needed because reserves have been underfunded and must be supplemented to pay for large capital projects such as replacing roofs or mechanical equipment.

Insurance premiums are on the rise. Find out why the markets are hardening and find the right coverage for your Arizona association.

As a board member, one of your top responsibilities is maintaining and improving your community’s physical property. However, it can be challenging to budget for new amenities like a dog park or gatehouse, as well as repairing or replacing other shared assets such as roofing or building facades. This is where HOA reserve studies come in.

Raising assessments can keep your association healthy (and help boost property values). Read on to learn why, how and when to raise HOA assessments.