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Keeping your homeowner association (HOA) or community association’s finances healthy works the same way as staying physically fit: don’t overindulge and make smart choices. And the upside is that the only thing you’ll have to exercise is good judgment. Here are some tips to help you do just that.

Life in a high-rise property has its rewards. With great amenities, good security, and even concierge services, there are many advantages that are specific to just this kind of lifestyle. Similarly, there are specific requirements when it comes to insuring it, too. High-rises often have multiple residences, each with their own policies, plus shared common spaces, which also require coverage. Here are a few areas to help you determine if you and your high-rise community is adequately covered.

According to Community Associations Institute , more than 68 million Americans live in 338,000 managed communities. In Canada, approximately one in eight people live in a condominium or strata corporation of some kind, totaling about 1.2 million owner-occupied dwellings as reported by Statistics Canada . Collectively, these homeowners spend tens of billions of dollars to maintain their communities. Each community is governed by an elected board of volunteer homeowners selected through an HOA elections process. Proactive involvement in your community begins with voting for board membership.

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.

Living in a residential community means around-the-clock routine maintenance to preserve the community and its assets. But there comes a time when one of your assets will reach the end of its useful life and require a replacement or significant repairs.

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.

Ready for more happiness? Last week, we described how when residents understand their rights and responsibilities, it goes a long way to creating a happy community. Well, in our never-ending quest to build and enhance community happiness, we’re back with Part 2 for homeowners association leaders. Here’s the scoop – when Board members (and property managers, if the community is professionally managed) have a thorough understanding of their rights and responsibilities, it helps to create an inviting community that is effectively managed, well-maintained and pretty darn happy.

Is your community happy? It’s pretty easy to tell if you’re living in a community that is beautiful, harmonious, properly managed and well, happy. But what actually creates a happy HOA community? It may seem like a complicated formula, but it all boils down to this: a clear understanding by both community residents and homeowners association leadership of their rights and responsibilities – and each other’s.

Great communication is more than just loose talk, especially when it comes to homeowners, HOA board members and property management companies exchanging information, thoughts and ideas. When communication is done well, challenges get faced, questions get answered and community spirit becomes stronger. So what goes into that mix for good communication?

As a member of your HOA board, you know the value of your association. It serves an essential function for creating rewarding lifestyles for residents, protecting and enhancing property values, and much, much more. And yet some legislators and decision-makers aren’t as familiar with these benefits as you are. Unfortunately, sometimes these are the individuals that have a hand in creating the policies and laws that directly affect communities, associations, and residents. We’ve paired that insight with information from our own experts to arrive at five key areas of focus when it comes to how HOA Boards can influence public policy. Here they are.

Social media can be a phenomenal marketing and communications tool for your community association! It’s a great way to inform residents, keep them connected and strengthen their loyalty. But you need to put a strategy behind your community’s social media presence.

How do you determine which property management company will provide you with the best service? Here are 10 questions that you should ask when consulting with property or homeowner association (HOA) management companies to help you make the important decision.

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.

Good rules make good community members. The most important factors in association policy making, whether for a condo, co-op, townhome or master-planned community, are clarity and sensibility. The board must be clear – and united – on the policy being created and then must communicate that policy to all residents. Whether the policy is about overnight guest parking, designated smoking areas, amenity usage or approved flooring, the basic steps to creating good policy and enforcing it successfully are the same. It’s important that everyone involved, including board members, residents and the management team, understand who is responsible for the various roles that are part of policy creation, enforcement and compliance.

As anyone on a condo, co-op or homeowner association (HOA) board knows too well, board meetings can be extremely delicate situations. Board members don't always agree with each other, discussion about a single, minor issue can eat up entire meetings, and those who speak the loudest aren't always looking at the issues with the best perspective. Some days, it may feel nearly impossible to get anything done.

Annual meetings don't have to be boring! Learn how your community association board can entice your homeowners into attending with easy tips.

Could the upstairs neighbors possibly be any louder? It sounds like a war is going on up there with all the furniture moving. And when they walk around, it sounds like they’re stomping around in cement shoes. Enough is enough!

The Pokémon Go app has reached a level of popularity that is rarely seen. On the one hand, it has encouraged people to socialize and discover historical facts about their local area. On the other hand, it has presented issues for some homeowners. Here’s what your community needs to know about minimizing any negative impact from this game.

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.

Summer’s longer days mean more time to enjoy warm weather and sunshine, but they also mean higher energy bills. There is a bright side, however: by implementing an energy management program within your community, you can help keep costs down without sacrificing comfort.

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?

We know that in the same way we protect ourselves, our assets also carry this significance. That is why HOA master insurance policies are essential for your community, as this type of coverage can help you protect more than just your physical assets.

Dan Wurtzel, president of property management at our New York office, was tapped as a thought leader in an article about seasoned board members in the Cooperator. Dan discusses how uncertainty about building knowledge and the position’s requirements can be detrimental to productivity, as well as some of the services the company provides to help both new and experienced board members become more effective in their roles.