2017 July
Focus on... Budget & Finance

Finance Inadequate Reserves
2017 July Inadequate Reserves

There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of co-ops, condos and homeowners’ a…

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Finance What Boards Need to Know About Finances
2017 July What Boards Need to Know About Finances

Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the purse for an entire building or HOA is a major responsibility, and boards -- even …

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Finance Funding Capital Projects
2017 July Funding Capital Projects

You work hard and try to put money away to be used for a rainy day —hoping of course that that ‘rainy day’ is a long-awaited trip to somewhere fabulous and tropical. Then, boom—the brakes on your car suddenly go, or one of the kids needs br…

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Finance Financial Oversight
2017 July Financial Oversight

Co-op, condo and HOA living represents a unique social arrangement; it’s a paid-for membership club and a home at the same time. Many people enter into this arrangement without a complete understanding of the responsibilities of membership.…

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Q&A Q&A: Hiring a Lawyer in the Matter of Arrears
2017 July Q&A: Hiring a Lawyer in the Matter of Arrears

Q. Is it typical for an association to hire an attorney on a contingency basis in order to start the process of attempting to collect arrears? Our management company went forward with this action without an official board vote.  In one in…

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Q&A Q&A: When Spouses Are on the Board Together
2017 July Q&A: When Spouses Are on the Board Together

Q. Can a husband and wife serve at the same time on a condo board, or is it a conflict of interest? The husband is the president and the wife is the treasurer. There are three board members in a 13-apartment condo complex.               …

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