The Association’s Records Knowing which association records should be kept, where to keep them, and how to store them can help an association maintain access to important historical data. Association records should contain information that the board can use as a reference for future projects or possible evidence in a lawsuit or audit. Records are …
Board Member Elections Cultivating, nominating and electing board members is something that should always be on the minds of current board members. Politics in any arena can be tricky, but in associations it can also sometimes be difficult to find people willing to serve. Many people feel unqualified or even afraid to volunteer due to …
Violations of the United States Fair Housing Act Violations of the United States Fair Housing Act (FHA) can result in severe penalties for associations. Knowing how to govern your community responsibly in this regard is highly important. What is a common sense approach to staying in compliance with the FHA? There are generally two subsets …
What is a construction defect and what should an association do if one is discovered? A construction defect is a constructed item with a condition that deviates from the accepted architectural plans, building codes, and/or industry standards. One example would be walls that are missing vapor barriers. The first thing an association should do if …
When it comes to the association’s finances, how can boards be assured they’re handling things properly? When it comes to the association’s finances, how can boards be assured they’re handling things properly? Where should the board begin when creating budgets? What are the reporting requirements and rules for handling association funds? What are the proper …
What are reserves, and why do associations need to have them? In order to answer these questions, and provide other important details on this topic, we spoke with Todd M. Walter, P.E., PRA, RS, Vice President of Engineering at Reserve Advisors, Inc., a company specializing in reserve studies, serving clients in all 50 states and …
What is a transition or turn over? A transition occurs when control of the association transfers from the developer to the members of the association. Many states mandate a point at which the developer must transfer control, such as a number of years after the establishment of the first board of directors, or once a …
What are Reserves? According to David Chesky, P.R.A., R.S., and Executive Vice President of The Falcon Group, headquartered in Warren, New Jersey, “Reserves are monies that community associations set aside as part of their monthly maintenance fees to save up for the replacement of their major common element components.” Establishing reserves allows associations to save …
Association Insurance — Ensuring You’re Protected Insurance is a complex subject in any context, and in the realm of community associations — condominiums and homeowners associations (HOAs) — there are many bases to cover when it comes to ensuring the association, its board, manager and residents are all appropriately protected. We spoke with Robert A. …
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Association Loans Under what conditions may an association need to apply for a bank loan? Who is responsible for paying the loan? Can board members or homeowners be held responsible in the case of default? What are the benefits, if any, of taking out a loan as opposed to using reserves to fund projects? What …