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Tag Archives: professional

RESERVE STUDIES-BEYOND HOW MUCH IS ENOUGH

Every community association has three functions – to serve as a business, a government and community.  Community associations are generally nonprofit corporations, functioning in many ways as businesses with revenues (association dues) and expenses.  Money

YOUR BUSINESS PLAN

As a business, the board needs a business plan for the maintenance of the assets of the association. Which assets for parts thereof (i.e. partial pavement replacements, phasing roofing replacements) will require repair or replacement, when will they need replacement, and at what cost are the most important questions one must ask in determining a forecast of future capital projects.  When managing the contributions (assessments) of hundreds of homeowners, it is essential to provide as accurate a forecast as possible.  Professional Reserve Study providers have the extra expertise from conducting hundreds of assignments each year to apply engineering success stories from other associations and determine the most reasonable reserve budget that is consistent with Board objectives.  The benefits to homeowners are that present and future owners are treated fairly and equitably.  As an example, special assessments are typically conducted because those who lived in the community previously did not pay their fair share and as a result, current owners have to pay extra. 

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Questions to ask your next community association management firm

You’ve had the debates and the discussions, examining your management requirements from every angle, and all it comes down to the fact that you need professional help. Instead of going it alone, you know that bringing in a reputable community association management firm is important. Bringing in committed professionals to run day-to-day operations while adhering to your board’s bigger vision can be a terrific move, and bringing in the right HOA or condo association management firm is critical.

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Here’s heads up on pending association bills

Michael HunterThere are four bills pending in the N.C. General Assembly that could have a major impact on condominium and homeowners associations. Courtesy of the Legislative Action Committee of the N.C. Chapter of the Community Associations Institute, here is a brief description of the pending House and Senate bills:

Senate Bill 373, known as the “Community Associations Managers Licensing Act,” would require professional community association managers be licensed by the state. License applicants would be required to pass an exam, obtain one of several professional manager certificates issued by various HOA industry groups, or provide proof that they have been actively engaged as a community association manager the prior three years.

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A Board Member’s Fiduciary Duty

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How board members effectively perform their voluntary duties directly affects the success of their associations.

There is a wealth of resources available to directors to assist in understanding and meeting their fiduciary responsibilities. Not only are there books, pamphlets, magazines and newsletters, but there are professional advisors such as attorneys, accountants, reserve advisors, engineers, architects, insurance brokers and professional community association managers. These consultants are among the paid advisors whom you may engage to advise or help directors understand and comply with their legal standard of care, their fiduciary responsibility.

In successfully-run associations, members of the board of directors possess good communication skills, carefully plan ahead, make good judgments based on sound decision-making practices, delegate work to qualified committee or advisors, exercise initiative and independent thinking and work well together as a team.

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