Tag Archives: perform

Code of Ethics

Our Code of Ethics

At Community Association Management, we are focused on providing superior service with definitive results that ensure success and longevity for our communities.  That’s why we have adopted a code of ethics to ensure our success:

  • Comply with current bylaws, standards and practices as may be established from time to time...

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Get advice from expert on reserve fund needs

Q. I am the board secretary for a condo community on Lake Norman. We have 60 units and are about 25 years old. We strive to keep everything in good order but things happen. My question concerns setting amounts for reserve funds.

We have looked into having a professional “reserve study” done but the cost, from $4,000 to $5,500, is expensive for us. Do you have a rule of thumb that might give us some guidance? Is there a Web site that you can suggest for me to search? Are there reserve requirements in North Carolina as there are in some other states that set limits?Most HOAs that have clubhouse/swimming pool, trails, athletic fields, etc. have capital accounts, also known as reserve funds, to pay for upkeep and replacement. Condominium associations are responsible for maintaining the buildings themselves, so capital reserves are absolutely critical for them. Most HOAs allocate a portion of each month’s assessment income to these accounts.

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