Category: Financials
Mandatory Reserves? – THE FLORIDA HOA & CONDO BLOG
I hate beating around the bush, so I want to get to the point. A financial crisis is coming and it’s going to be a big one. It’s also going to hit those that can least afford it. It’s going to result in massive amounts of foreclosures. It’s going to result in countless cases of elderly persons being displaced from their homes. The worst part is, it’s absolutely …
Ten Commandments of Internal Controls for Association Finances.
Separate accounting functions whenever possible. Consider oversight of the financial functions an important Board responsibility. Receive and review financial statements at least quarterly. Question items that significantly differ from the budget. Record your findings in the Board meeting minutes. Review bank statements and reconciliations on ALL bank accounts at least quarterly. Consider getting a separate copy of bank statement with copies of cancelled checks sent to a …
What Successful Associations Do: Master the Reserve Study
What is a reserve study? A reserve study is an assessment of all of the community’s common elements, and includes an inspection and analysis of the remaining useful life of items the association is responsible for maintaining, such as roofs, concrete, mechanicals, fencing, and much more. Most reserve studies will cover 20-30 years’ worth of projects. After this information is assessed, a funding plan is created to estimate the …
Condo Association Budget Tips for Owners – Better Condo Life
Condo Association budget season is in full swing. Condo Association Boards and Management are busy developing their budgets for the new year. Ideally they are eliminating waste, identifying high-value projects, and putting enough into reserves. While Boards are hard at work, this is also a great time forinvolved Owners to review their Association’s budget when it is distributed during the budget comment period. But budgets can be daunting, and Owners …