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Are HOAs and Condos in North Carolina and South Carolina Eligible for Coronavirus Federal Disaster F...
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Content provided by Harmony Taylor of Black, Slaughter & Black P.A. Original article can be found here. Individuals, businesses, and organizations across the United States are struggling to come to grips with the new financial realities created by the COVID-19 pandemic. Nonprofit community associations are no exception.  The...
What to do About HOA/Condo Finances & Assessments During the Coronavirus
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Content provided by Jim Slaughter of Black Slaughter & Black, PA. Original article can be found here.Questions to our firm about how homeowner and condominium associations should respond to the coronavirus (COVID-19) epidemic have come in waves.  When news of the virus broke, we were asked by HOAs and condos how to keep homeowner...
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...
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...
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...

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