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 …
Do Associations Need Cyber Insurance? To learn more about cyber insurance, we spoke with Gregg V. Gerelli, graduate of the College of Insurance and President of Gerelli Insurance Agency, Inc. in Cold Spring, New York. Cyber security is an often overlooked but increasingly essential part of community associations. Every association should develop their own strategy …
Cyber Insurance According to Robert E. Barlow, Jr., CMCA, AMS, PCAM, CIRMS, of NFP Insurance in Easton, Pennsylvania, most commercial property and liability insurance policies exclude coverage for cyber security related losses. “Cyber security threats pose a significant financial threat to all associations, and, without having the proper coverage in place, an association could be …
Property maintenance Property maintenance is one of the most important responsibilities community association managers and board members must assume. Keeping the association’s physical components up to date and free of flaws not only ensures the safety of its residents, but maintains the value of the community and each unit as well. Given this, it is critical …
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How are the elements of a community defined? How are the elements of a community defined? What determines the components of the common areas versus homeowner-owned areas? Where is it written that certain elements are the responsibility of the homeowner and others are the responsibility of the association? These issues and others are established in …