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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 ...
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...
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...
Tips for Avoiding Budget Headaches
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If you’re a member of a property owners or homeowners association board of directors, chances are, there’s one time of year you dread more than all others – budget preparation.The annual budget planning process – which usually begins in the fall since most property owner’s association (POAs) and homeowner&rsq...
Managing New Startup Condominiums and Communities For Developers
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Managing startup condominiums and communities is a unique job. There should be a community manager with experience working as part of a team, and that team should include other professionals in addition to the developer.    Typically, the development team will hire surveyors, engineers, architects, land planners and other specia...
Planning and Enforcing A Successful Collections Policy
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As economic conditions struggle to improve, many community associations ("Associations") face the continuing challenge of chasing payment from a number of delinquent members.  In light of these present conditions, formulating and sticking to a sound collections policy can be important. However, many Associations do not give...