Tag Archives: operating

Association Taxation and Reserves

The Internal Revenue Service (“IRS”) excludes from an association’s taxable income those amounts which are properly kept and used for capital contributions.  In several significant Revenue Rulings, the IRS considered special assessments for major repairs and replacements to be capital contributions in addition to capital contributions to reserve funds from annual assessments.

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If You Fail to Plan, You Plan To Fail

“If You Fail to Plan, You Plan To Fail”

You may have heard the saying, “If you fail to plan, you plan to fail”. This statement especially applies to community associations because of the high levels of knowledge and expertise required to perform the required duties of the association. Board and committee members volunteer their personal time to serve the association, and management tools are imperative to meet the goals of the community as expeditiously and productively as possible. An annual operating plan will assist in accomplishing these goals.

An annual operating plan for the coming year is a schedule of events and responsibilities that defines and describes actions to be completed in order to accomplish the goals and objectives. The operating plan ensures that all involved know what needs to be completed, defines the timeline for actions and allows for monitoring as well as a proactive approach to managing the community.

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Condominium Preventive Maintenance Checklist

Preventive maintenance is the regular inspection and repair of equipment and facilities to prevent extensive, costly damage from occurring over time. Preventive maintenance can go a long way toward reducing the overall cost of your condominiums, as large expenditures for repairs and replacements can often be avoided by a careful attention to detail. Following a thorough condominium preventive maintenance checklist can help you to increase the attractiveness of your properties, boost your tenants’ satisfaction and strengthen your profit margins. 
      
Well-maintained condominiums increase owner satisfaction. 
Inspections 
    Perform regular inspections on all equipment and facilities that are subject to damage or normal wear and tear. Inspect such things as roofs, pools, insulation, ventilation systems and appliances to ensure that they are operating safely and efficiently. Make inspection a priority among your maintenance staff; create thorough checklists that must be marked off and signed by the inspecting employee, and hold inspectors accountable for the thoroughness of their examinations. 

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We Could Never Go Back….

"Our Community has found so many benefits from eManageSuite.  I find that the financial reporting and record keeping especially thorough and helpful. Our Homeowners love that they have choices on how to receive information and submit payments.  I could never go back to operating without these tools and the professional guidance from Community Association Management. ...

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