Friday, November 11, 2016

Tips & Tricks for Managing the Association’s $$$
Encourage owners to pay How can you encourage your unit owners to pay their fees, and pay on time? One of the best ways is probably already in your documents: charging late fees and interest. Most governing documents allow associations to charge late fees (statute allows up to $25 or 5%, whichever is higher.) Actively enforcing this o...

Friday, October 14, 2016

Why should I fund reserves?
Why should I have to pay to fund reserves for projects that will not be done for years, and I probably won’t live here then? This is a common question we’ve all heard. Many unit owners feel that reserves are savings for future projects, and making them understand the reality can often be difficult. Current unit owners are ac...

Saturday, October 1, 2016

Avoid the appearance of financial impropriety
As you well know, appearance is often interpreted as fact. Many times I have seen condominium boards give the bookkeeping for the association to a relative (spouse or child) or to another related party (e.g. roommate or significant other). Many times the intention behind this is good. The bookkeeper is professional, or at least thinks t...

Friday, September 23, 2016

We owe taxes???
Many people think that non-profit means no taxes. Unfortunately, this is not the case. Non-profit does not mean tax-exempt. Often, board members, and sometimes even managers, think that condominiums, co-operatives, and homeowner associations (collectively referred to as CIRAs by the IRS, common interest real estate associations) are ta...

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