Virginia Condominium Act: What your condo association should know

The board members of your community association serve many important leadership functions. Although they may have diverse backgrounds and skill sets, they are all committed to the common goal of bettering your community association, taking actions that ensure its financial health, enhancing property values and improving the lifestyles of the residents. 

What can happen if you don’t have an effective board treasurer?

As a community association board member, one of your chief responsibilities is to protect the financial interests of your association and your fellow residents. That includes making sure that the association’s reserve and operating funds are carefully managed, protected and invested. Smart decision-making and sound financial stewardship are critical to the association’s long-term financial stability and health. Unfortunately, even the best-intentioned board members may not have the experience or financial knowledge to choose the right banking programs and products to meet their community association’s needs. What should you look for when choosing the best banking program for your association? Read on…

The principles to fiscal fitness and physical fitness aren’t that different: Don’t overindulge. Make smart choices. Keeping your community association’s finances healthy requires care and exercising good judgment. Follow our tips to help you do that.

Community associations can be wonderful. They have amenities that otherwise might not be so close to home, like a community pool, fitness center, golf course or riding trails. Being part of a managed community often means having shared interests with your neighbors, imparting a sense of community that isn’t easy to achieve in an ever-transient world. It means that everyone abides by the same high aesthetic standards. But none of that happens without stable finances, including a balanced budget and a well-funded reserve.

Staffing your community association is both an art and a science. Your community’s culture and lifestyle are supported by the staff you choose, and it’s important to make sure that you’ve got the right people in the right positions, and enough of them. Properly staffing your community goes far beyond having people to answer the phone and handle packages or keep the pool clean and tidy. 

Budgeting can be tough. It involves looking at priorities and the needs and wants of your community, the money coming in and going out and making it all balance. Crafting a responsible, effective budget is one of the primary ways that community association board members fulfill their fiduciary responsibilities to the community. Planning ahead and knowing what’s expected will help make the process painless and smooth! 

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.

Although you can’t predict emergencies, you can prepare for them. The most important thing that both board members and management can do to ready themselves for the unexpected is to create a customized emergency preparedness plan. A quality community association management company will have the experience, resources and knowledge to help you develop a plan that fits your specific situation.

What should you look for in a prospective community association management company to help avoid a rough transition? How can your association avoid financial missteps and pitfalls when switching from one management company to another? Make sure that the management company you are considering has the resources you need in every aspect. Transitioning to a new company is simply too large a task for one manager to handle!  A team approach is the best way for a professional community association management company to handle a transition.