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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...
Tax Season: What Your HOA Should Know
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Tax season isn’t just a fun time for residents and businesses in North Carolina, it’s also a big piece of the financial puzzle for homeowners associations (HOAs). As complicated as federal and state income taxes may seem to everybody else, they can also provide some twists and turns for HOA board members and are something that...
The Value of Partnering with Financial Institutions
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Community management companies, like the rest of the world, are being targeted for fraud and the threats are growing. This includes people attempting to cash fake checks at local banks, embezzlement, and cyber fraud via email and the internet.   It’s not easy or quick to determine fraud is happening, either; the average sc...
Is It Time to Reorganize Your Association’s Files?
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If your community association has been around a while, it’s probably safe to say it has amassed some paperwork over the years.As warmer weather leads many of us to turn our attention to spring cleaning, it can be tempting for association board members to focus their sights on those dusty old files.Before you toss those folders or sh...
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...
How Does Professional Management Benefit You?
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Anyone who has dealt with a leaky roof knows that finding the right person for the job is crucial because – unless you know a thing or two about reattaching or replacing shingles – you are entrusting someone else with your home’s safety and your family’s wellbeing.The same can be said of professional management com...
Keeping Your Association’s Money Safe
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Every board of directors of a property or community association has a lot of duties to perform – from ensuring guidelines are met and enforced to fielding casual concerns from neighbors.But perhaps the most important responsibility you have as a board member has is to protect the association’s funds. Given that you have b...
New Technology Means More Options for Community Association Billing and Payments
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Over the years, technology has dramatically changed the way community and condominium associations bill and receive payments for owner assessments, sometimes referred to as dues.When I first started in the business in the late 80s, just about every community and condominium association – whether self-managed or managed by a professi...
Protecting Community Association Funds
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Everyone understands the importance of keeping personal assets in order. It’s no surprise, then, that managing a community association’s finances is a critical function of any association’s board of directors. And, as part of that management, it’s crucial to ensure an association is protected in the unfortunate ev...

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