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How to prepare an HOA budget

2020-10-15T18:43:58-05:00

Jen Seals, CMCA, AMS; Property Management Systems, Inc. Drafting a proposed budget for your community can be one of the most important, and daunting tasks you face each year.  A good budget will help your board make the tough decisions on maintenance needs, owner requests, emergency situations, unpaid assessments and the other many challenges that an HOA faces throughout the year.  It is essentially a guideline tool that makes it easier to evaluate and protect Association resources. No wonder so many managers and board members find the project intimidating! Thankfully, with the right resources and tools, preparing a draft budget can [...]

How to prepare an HOA budget2020-10-15T18:43:58-05:00

How to Recession-Proof Your HOA from a Maintenance Perspective

2020-09-10T21:01:50-05:00

By Alissa Thompson When the Great Recession of 2008 occurred, home-owners associations took a hit. Not only was there an increase number of homeowners unable to pay their dues, but continued maintenance was unfortunately overlooked. Without sufficient funds, how can HOAs complete necessary maintenance in their communities if they didn’t plan? As the U.S. economy gets hit by COVID-19, managers need to use preventative maintenance measures to avoid future issues. Maintenance is one of the first things homeowners notice when the community isn’t being taken care of. It also is one of the first things overlooked when an association’s budget gets [...]

How to Recession-Proof Your HOA from a Maintenance Perspective2020-09-10T21:01:50-05:00

The Right Reasons for Raising HOA Dues

2020-09-10T21:23:58-05:00

By Andrew Lester A community association's board of directors is elected by fellow homeowners to make decisions for the well-being of the community, including how the community’s finances are managed. Regulations in every state require that homeowner associations and condominium associations maintain at least two accounting budgets: (1) an operating budget to cover all expenses associated with the functioning of the community, and (2) a reserve budget to pay for planned projects down the line. The annual projection of these budgets, which is determined by the board with the help of professionals such as property managers or accountants, forms the basis for [...]

The Right Reasons for Raising HOA Dues2020-09-10T21:23:58-05:00

We have a reserve analysis. Now what do we do?

2020-09-02T17:49:44-05:00

By Dale Gifford, PRA, RS, PCAM, AMS, CMCA Regional Project Manager, Complex Solutions, LTD - Silver Sponsor 2020 Each board member should review the reserve analysis and note any questions they may have.The board should then meet and go over the reserve analysis as a group. After this meeting theboard should reach out to their professional reserve provider with any of the questions thatcame up during individual and group review. During the review of the reserve analysis the board should look at each component and see if there is any better information available. This may be an updated installation date, updated [...]

We have a reserve analysis. Now what do we do?2020-09-02T17:49:44-05:00

The U.S. Census and Community Associations

2020-08-21T16:51:47-05:00

By Dawn Bauman, CAE The U.S. Constitution mandates that the U.S. Census Bureau conduct a census every 10 years. This year marks the 24th time that the U.S. population has been counted since 1790. The census provides critical data that lawmakers, businesses, research institutions, and many others use to provide products and services, as well as influence decision-making for you and your community. Every year, billions of dollars in federal funding are allocated to support hospitals, fire departments, education, infrastructure, and other resources based on census data. Read the full article here.

The U.S. Census and Community Associations2020-08-21T16:51:47-05:00

How-to Guide for Reopening HOAs and Condos

2020-08-10T23:08:25-05:00

By Amy Repke Homeowners associations have adjusted to a new normal because of the COVID-19 pandemic.  This includes remote meetings and elections, closed common areas and amenities, and social distancing.   As states lifted their stay-at-home orders and businesses began to open their doors, homeowners associations started to decide how and whether to reopen common areas and amenities. Board members, community managers, and business partners asked: What approach should we take to reopening? How should we phase in operations? Do residents need to sign a liability waiver to use the pool? Do we need to keep anything closed? We expect these questions to continue [...]

How-to Guide for Reopening HOAs and Condos2020-08-10T23:08:25-05:00

Inheriting a Financial Mess

2020-08-04T16:21:05-05:00

By Dale Gifford, PRA, RS, PCAM, AMS, CMCA Regional Project Manager, Complex Solutions, LTD - Silver Sponsor 2020 I was just elected to the board. I have read the reserve study and we are so far behind. How willwe ever catch up? As a new board member you may have inherited the financial mess that others have created.Unfortunately some associations are in a less than ideal financial situation. It is important foryou to properly perform your responsibilities as a board member, and to try and get theassociation on the right track to an ideal financial position. As a board you need [...]

Inheriting a Financial Mess2020-08-04T16:21:05-05:00

SB3007 Liability Protection for Community Associations?

2020-07-24T14:39:26-05:00

By Michael Miller, Attorney, Miller Harrison LLC Navigating COVID-19 for many of us has been a challenge. Cases are on the rise, while government leaders try to balance the community's health, worry about the economy, and respect to individual autonomy. Community associations face similar challenges, and association boards are forced to make tough decisions that directly affect their communities. In response to growing concerns regarding legal responsibilities arising from COVID-19, the Utah Legislature passed SB3007, to protect business owners and operators from civil liability related to injury related to COVID-19 exposure.  However, this law's exceptions may make it infeasible for associations [...]

SB3007 Liability Protection for Community Associations?2020-07-24T14:39:26-05:00

CDC Guidelines Impacting Community Association Common Areas

2020-07-24T14:12:54-05:00

By Phoebe E. Neseth, Esq. When the COVID-19 pandemic began spreading through the U.S. in late February, guidance and resources from the Centers for Disease Control and Prevention became part of daily conversations. For the past several months, Americans have turned to the CDC for information on how to protect themselves from COVID-19 and what to do if they become sick. The resulting CDC guidelines impacting community associations are outlined here. The CDC included information relevant to community association common areas. Early on, elevators and entryways were deemed essential and remained open during the pandemic. However, amenities such as pools, fitness [...]

CDC Guidelines Impacting Community Association Common Areas2020-07-24T14:12:54-05:00

How Can My Association Use the Reserve Funds?

2020-08-04T16:22:01-05:00

By Dale Gifford, PRA, RS, PCAM, AMS, CMCA Regional Project Manager, Complex Solutions, LTD - Silver Sponsor 2020 You have your association’s reserve analysis in hand, you have created a reserve fund line itemin your financials, you have opened a reserve fund bank account, and you have made your firstdeposit of reserve funds into your reserve fund bank account. You have reserve expenses andyou want to use those reserve funds, so what are the guidelines you need to follow whenspending the money in your reserve fund? (9) (a) Unless a majority of the members of the association of unit owners vote [...]

How Can My Association Use the Reserve Funds?2020-08-04T16:22:01-05:00
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