Category: Association Operations

Insurance Insurance Upgrades
2005 Aug Insurance Upgrades

Life, wrote the British playwright Tom Stoppard, is a gamble at terrible odds—if it was a bet, you wouldn't take it. And thus was born the insurance business, an entire industry devoted to placing carefully calculated wagers on the …

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Insurance Protecting Your Valuable Amenities
2005 Aug Protecting Your Valuable Amenities

Most homeowners love the idea of having a swimming pool, athletic court or health club as part of their association's grounds because it adds value to their property and it gives them something fun to do throughout the year. But HOAs tha…

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Insurance Specialty Insurance
2005 Aug Specialty Insurance

A condo or co-op development is a community, but it's also a business. And like anyone else who runs a business, an association or board needs to protect itself with the right insurance. If someone slips in the community room and gets in…

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Insurance The Importance of D&O Coverage
2005 Aug The Importance of D&O Coverage

In 1997, a racially mixed couple wanted to sublet a co-op apartment at the Beekman Hill House Apartments in New York City. Nicholas A. Biondi, then-president of the Beekman Association's board of directors, refused to approve the couple'…

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Insurance Homeowners vs. Association Insurance
2005 Aug Homeowners vs. Association Insurance

Living in a co-op or condo means shedding many of the worries that come with renting or owning a single-family home. There are no worries over mowing the lawn or fixing that crack in the driveway. The doorman looks after your packages an…

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Finance Cutting Budget Waste
2005 Jul Cutting Budget Waste

In any business, much of the decision-making process is based on the bottom line—is there more money coming in or going out? How do this year's profits compare with last year's? Are we getting the best deals from suppliers and vendors? …

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Finance Making the Case for Reserve Studies
2005 Jul Making the Case for Reserve Studies

In the archives of sound financial advice, saving for a rainy day is a titan, right up there with never bet your last dollar on a horse race, or any other sage old saying. For the good health of any organization, having enough cash in re…

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Finance New Jersey's Property Tax Reform Process
2005 Jul New Jersey's Property Tax Reform Process

Most homeowners love complaining about their property tax bills almost as much as they despise paying them. The issue is always on the minds of New Jersey's homeowners, and has been for some time. New Jersey has been studying property …

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Finance Transfer Fees or Resale Contributions
2005 Jul Transfer Fees or Resale Contributions

In New York City, many co-ops and condos use a practice called a "flip tax" in order to boost building revenue. A flip tax is a fee paid either by the purchaser or seller that goes back to the co-op or condo each time an apartment is sol…

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Finance Money-Making Opportunities for HOAs
2005 Jul Money-Making Opportunities for HOAs

It's a profound story of how reserve funds can go seriously awry—within months of buying an apartment in a new New York City building, David and all his new neighbors were informed that they would have to contribute out-of-pocket to help…

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