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HOA Finances: Tips for Handling Your Reserve Account
March 2010
Are you putting enough money aside to pay to replace or repair your HOA's buildings and amenities? Is it possible your condo or homeowner association is putting too much aside? Does the HOA board know how reserves are supposed to be used? This article provides tips on how much to save and how to properly use association reserve accounts. . . . keep reading
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Can Your HOA Fine Owners for Slacking?
February 19, 2010
This week's tip addresses two common problems: lazy owners and the need for additional revenue. Can your homeowners association kill two birds with one stone by financially penalizing owners who don't attend meetings, vote, or volunteer by imposing a "nonparticipation" fee on them? . . . keep reading
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Can Your HOA Make Club Membership Mandatory?
February 2010
Cash-strapped homeowner associations in Florida, Oregon, and Washington have been testing a new plan to generate income for their communities--making membership in association clubs mandatory for all homeowners. If you've been considering generating revenue by amending your governing documents to make membership in your HOA's golf or other club mandatory, read on before you take any action. . . . keep reading
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HOA Governance: Challenges Remain When Working with Lenders on Delinquencies
January 2010
Too many homeowners associations are struggling to deal with absentee owners who've taken the "jingle mail" route--they've walked away from the home they now owe too much money on, and they've mailed the keys to the bank--before lenders have foreclosed. Even when banks have completed foreclosure and own association units, HOAs still have trouble collecting ongoing fees. . . . keep reading
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Mechanic's Liens: What You Must Know, and How to Avoid Them
January 22, 2010
our project to add parking to your homeowners association has been fraught with problems from day one. You've argued with the contractor over all the additional charges that seem to materialize out of thin air. Your board is sick and tired of dealing with the constant frustrations and decides it will simply nod and smile to the contractor until the project's done. Then it'll simply refuse to pay all the additional charges the contractor is trying to impose. This week's tip explains why that's like sending an engraved invitation to a contractor to file a mechanic's lien against your HOA, which is a very bad idea. . . . keep reading
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HOA Finances: Do You Abuse Your "Miscellaneous" Account?
January 2010
Keep an eye on how you use the "miscellaneous" line item in your HOA budget. If you're not careful, you could waste precious condo or homeowner association funds and possibly violate your fiduciary duty to act in the best interest of the homeowners association. . . . keep reading
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HOA Construction Defects: Don't Shoot Yourself in the Foot
December 11, 2009
You face a dilemma when your owners encounter problems that might be the tip of a construction defect iceberg. How can you complete necessary repairs quickly while still preserving any claims you may have against your developer? This week's tip explores that difficult problem. . . . keep reading
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What Financial Information Must Your Association Disclose to Prospective Homeowners?
December 2009
One of your members has put her unit up for sale. She gets an offer and accepts it. You then get a request for all kinds of home owners association records from the buyer. What's your response? What must your association provide when prospective homeowners ask for your association's governing documents? What about your financial documents and minutes? What if the buyer asks the number of delinquent owners and the amount of the delinquencies? The answer to those questions depends on your state's law and your internal practices. Some states have rules requiring associations to provide extensive detail to potential buyers. Others are silent on the issue. Here's an overview. . . . keep reading
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HOA Finances: Six Tips for Preventing Embezzlement of Association Money
November 2009
A Florida condo association recently had $167,000 stolen from its bank account. The condominium's experience reinforces two truths about this economy: You can't afford to lose a penny of your association's money, and desperate people do dumb (and sometimes illegal) things. Here are six money-handling tips to ensure your association doesn't end up the victim of embezzlement. . . . keep reading
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Here's what our readers are saying ...
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Palmer's Landing HOA
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CAM, CMCA, AMS, PCAM
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1102 Avenue X HOA
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Whispering Pines West HOA
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