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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...
New Sales Tax Provisions For 2017
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This 2016-17 State Budget includes several new sales tax provisions intended to clarify the application of sales and use tax on certain repair, maintenance and installation services and provides a grace period for under-collection of that tax by contractors in 2016. These new provisions will be important to individuals and companies who p...
New NC Sales Tax Will Impact Associations Budget
For those of us that manage associations in NC there was recently a House Bill that was passed that will impact our associations budgets effective 2017. In summary, The NC Dept. of revenue will be taxing certain service providers that provide goods and/or services to our services to your associations. I have included the language of the b...
Is Your Association Facing Capital or Large Deferred Maintenance Projects?
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Most condominium and community association developments along the coast of North Carolina and South Carolina were created and developed beginning in the mid-1980s. Many of these associations are now approximately 30 years old and require large capital or deferred maintenance projects.   Many of the projects that we see for associati...
Communities That Lack Reserve Fund Studies Face Uncertain Futures
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In my last article I shared my disbelief that there isn’t a law requiring property owners associations to conduct reserve fund studies. Managing an association without a reserve fund study is akin to flying a plane without instruments, piloting a boat without a rudder, or driving a car with no brakes. In short, it’s a risky p...
Budget Preparations Don't Have To Be An Annual Headache
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It’s that time of year when board members and financial committee members convene to start the annual budget preparation for their property owners associations. Setting a budget can be an intimidating, time-consuming ordeal. Our goal in this article is to offer some insight and a list of best practices that have facilitated our succ...
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...