“Breaking up” may be hard to do but when an association is ready to call it quits with its property management company and enter into a new relationship, there are some best practices it should follow. We spoke to Leonard Barber, CPA, CMCA, PCAM, President of Executive Property Management in North Brunswick, New Jersey, who offered some insight on the matter.
When a homeowner decides to serve his or her association as a member of the board, that person has a fiduciary duty to act in the best interest of the community. So, what exactly does a board’s fiduciary duty entail? According to Attorney Stacey Patterson of Ansell Grimm & Aaron, PC, with offices in White Plains New York, Woodland Park New Jersey and Princeton, New Jersey, “fiduciary duty is the responsibility of the board members to ensure sound and proper operation and control of its community and to act in its best interest.”
Have you been wondering how having a golf course in your community affects your reserve study? Should you include it in your master study? Or should courses be treated as a separate entity? For this topic we reached out to Peter Miller, RS of Miller+Dodson Associates, Inc., a nationwide consulting firm based out of Annapolis, Maryland. Miller has been working with reserve studies since the 1980s.
Each spring when weather begins to warm up, residents eagerly anticipate breaking out their swimsuits, while at the same time condominium and homeowner association boards begin to expedite opening community pools. Ever present in the minds of those tasked with this job, are the possible unexpected delays and problems that have the potential to derail the best laid pool opening plans. [Read more…] about Associations Don’t Stress — Power through that Pool Opening with Best Practices
It’s something every manager strives for and every resident demands — curb appeal. Maintaining it is one of the board’s fiduciary duties. But what happens when those flower beds, pathways and rolling hills turn into mud, ice and standing water? What if these problems pop up unexpectedly for no apparent reason? [Read more…] about Know Where the Water Will Go — Avoid Damage Caused by Drainage Problems
As the famous quote says, one thing we can be certain about in life is paying taxes. However, when it comes to the property tax arena, it is possible to reduce the effect this certainty can have on our wallets. Enter the property tax assessment appeals process. This process allows homeowners to appeal the tax assessment that has been placed on their property and potentially lower the amount they have to pay.
Entering a Vacant Unit the Case of Emergency: How Associations Can Prevent Liability
As the manager, did you make the right decision or have you just opened yourself up to potential liability?
Keeping your Fitness Center “Fit” for Use
FHA Condominium Certification Process
Changes on the Way for FHA Condominium Certification Process
Manager’s Perspective: Productive Board Meeting
Do you have that one monthly association board meeting that is the most dreaded of all meetings in your portfolio? Does it last three, four or five hours? Yes, I said five hours. Why?