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Milwaukee, WI 53202
800-221-9882
Helping you understand community association business with industry leading insight.
With the budget season fast approaching, it’s time to seriously consider your association’s near and long-term financial needs, goals, and ultimately, its future. Capital planning is no easy feat, but having a continuous blueprint for the future is the key to a thriving community.
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Becoming a board member of an HOA or community association is an exciting move. But with a newfound position comes potentially unfamiliar responsibilities. Let’s explore the essential things you need to know to be a successful board member!
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No two community associations are the same, so it’s imperative to create relationships with service providers that don’t approach their work in a one size fits all manner. From your Board’s decision to choose a particular vendor until the work is done and beyond, it’s important to work with firms that keep you in the loop.
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As a board member, you have a fiduciary responsibility to your community to act in every homeowner’s best interest. While this can be difficult, especially in a position of governance, it’s imperative that Boards maintain this obligation.
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A reserve study is a vital capital planning tool for HOAs and condominium associations that provides directional guidance and an in-depth analysis of community assets.
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A Reserve Study is made up of two parts, as defined by Community Associations Institute (CAI) and the Association of Professional Reserve Analysts (APRA) – the Physical Analysis and the Financial Analysis of the common elements.
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A reserve study is a tool used to provide an opinion of the annual reserve contributions required to support the reserve expenditures at a property.
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Boards and owners alike must balance the need to keep adequate savings for future projects with the desire to keep monthly or quarterly fees at reasonable levels.
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A Reserve Study is a long-term budget planning tool that identifies the common elements belonging to an Association, and recommends a funding plan to maintain, repair or replace these common elements over a specified time period.
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If you love where you live and your condo association is pretty great too, a reserve study can help ensure everything stays that way for you and others who live there after you.
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