PROPERTY MANAGEMENT BLOG

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...

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...

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...

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...