Tag Archives: physical

Reserve Funds

 

One of the primary business duties of community associations is maintaining and preserving property values of homes and the common property.  To do this properly, associations must develop funding plans for future repair or replacement of major common area components, such as roofs, boilers, elevators, swimming pools, balconies, asphalt surfaces and decks.

An association has several funding options, including periodic assessments over the life of assets, special assessments at the time of replacement, borrowing funds when needed, a combination of the above or the most common method – and in many states the only lawful alternative: setting aside funds in a special category commonly called reserve funds.

Read more

Homeowner Associations and Aging Owners: What HOA Boards Should Know

As the population ages, your home owner association will likely face new challenges. What should your HOA board know about maintaining elderly owners’ rights and privacy if they begin suffering from dementia, physical incapacitation, or inadequate support while preserving the rights of those owners’ neighbors? Here, we provide guidance to help you…

Read more