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Things to Consider Before Renting in a Community Association
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If you own a home in a homeowner's association or condominium owner's association and are thinking about renting it out, you probably know that there are several factors to consider before you ever take the first steps in looking for a tenant. Understanding your responsibilities and obligations will not only make the leasing exper...
Renewing Your Association’s Insurance Policies
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One of the most complex issues faced by HOA boards of directors is securing appropriate insurance coverage for the association. A number of factors go into determining what types of policies are needed, what can and should be covered by those policies, the amount of coverage needed and how to obtain the best rates possible. In addition, d...
Annual Budget Preparations for Your Association
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Those serving on HOA boards need to have a keen understanding of how essential a balanced budget is to the success of their associations. Drafting and ratifying a budget can often seem like a daunting task for board members. However, if the proper steps are followed and all prudent information is taken into consideration, budgeting for yo...
Best Practices for Homeowner Association Directors and Boards
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Approximately 65 million Americans reside in a subdivision, condominium complex, or other planned community which is governed by a community association. The typical community association is governed by a board of directors comprised of volunteers who are elected by their fellow owners.  The directors manage the corporate affair...
How to Handle Increasing Member Assessments
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Having a proper, fiscally responsible budget in place is necessary for the successful operation of any homeowner’s association. Just as with any budget, income and expenses must be considered - for an HOA, this income mainly comes in the form of owner assessments. When projecting yearly expenses for an association, those serving on ...
Making Meetings Count: How to Reach a Quorum Through Proxies
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Annual and special meetings require homeowner votes for new board members, assessment increases, capital improvement projects, and amendments to the association’s governing documents. The goal is to reach a quorum—a minimum number of members who must be present for business to be validly transacted.Some community associations ...
When Your Association Should Consider a Buydown Policy
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Insurance coverage is one of the many important aspects of managing and protecting community assets that HOA boards of directors must keep in mind. If associations are faced with large deductibles, one option to consider is a buydown deductible policy. Buydown insurance policies can sometimes prove to be a great benefit to homeowner&rsquo...
Two Pairs of Eyes are Better Than One: Why Community Associations and Developers Should Have Separat...
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North Carolina has the third most planned communities in the United States after California and Florida. All of these planned communities typically evolve in a similar three-step process. First, a real estate developer ("Developer") purchases the land and records a set of governing documents that establish a regime of rules and ...
Crunching Numbers: What Goes Into a Community Association’s Budget?
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Budgets are crucial to a community association’s financial operation. Just like for-profit businesses, association boards should work diligently to develop annual budgets that estimate revenue and expenses for the upcoming fiscal year. A properly drafted budget can help prevent reduced services, deteriorating property, or special as...
What to do if There are Insufficient Reserve Funds
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What are reserve funds and what are they used for? Reserve funds are broken down into capital and non-capital expenses; capital would be replacing a roof; non-capital would be painting. These are IRS terms really, but for HOAs reserves are in general a savings account saving up to take care of long-term repairs and replacement &mdash...

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