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Helping you understand community association business with industry leading insight.
Maintaining adequate reserve funds is crucial to keeping any community association running smoothly. But, what exactly are adequate reserve funds, and how do they impact the board, managers, and residents?
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As you know, dues and special assessments come with the territory of residing in any type of community association. Understandably, it can be confusing for boards and residents to navigate exactly what both of these payments are used for, when they should be used, and how they affect the association as a whole.
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When you commission a reserve study, you’re commissioning an overall health check of your community, much like an annual physical exam with your primary care provider. However, when there is an issue with a specific organ or body part, a specialist in that particular area will join your list of physicians to uncover the root of the issue and formulate a remedy.
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As awareness regarding reserve studies continues to grow, many associations that have not yet commissioned one are asking themselves, “do we need one?” While this question is easy to answer in states such as Florida and Maryland who recently put into place legislation requiring reserve studies, in states without a legal requirement, the question remains.
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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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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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