Page 3 - New England Condominium July 2021

NEWENGLANDCONDO.COM
NEW ENGLAND CONDOMINIUM
-JULY 2021
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Where Does It Go?........1
The vast majority of co-op and condominium boards are well intentioned and work dili-
gently with their management and accountants to draft and monitor their annual bud-
gets—and recalibrate them as necessary. Despite their best efforts to keep costs under
control, however, many communities find that expenses often exceed their projections.
Even in the absence of an unforeseen crisis or major repair project, it often seems like
money is just leaking out of the system. The question is, where does it go—and how can
we plug up the leaks when we find them?
How Has COVID Affected the Multifamily Housing
Market?......1
One year-plus into the largest public health crisis in a century, New England
Condominium spoke to real estate professionals across the geographic regions we cover
to learn the effects that the COVID-19 pandemic has had on their specific areas. What
we found out is that the co-op, condo, and HOA market has taken several twists and
turns over the past year—and a lot of that movement depends on where you live.
Accrual vs. Cash........1
The successful financial management of a condo, co-op, or homeowners association
relies upon accurate, timely, and consistent financial statements. These statements
represent the financial position and results of operations of the association, and under-
standing the details of these financials is essential to making sound management deci-
sions. Also fundamental to this process is choosing the appropriate accounting method
for your association.
Yale Robbins
Publisher
Henry Robbins
Executive Vice President
Joanna DiPaola
Associate Publisher
Hannah Fons
Senior Editor
Darcey Gerstein
Associate Editor
Pat Gale
Associate Editor
Shirly Korchak
Art Director
Anne Anastasi
Production Manager
Alan J. Sidransky
Staff Writer
Alyce Hill
Director of Sales
Copyright 2021 by New England Condominium Magazine LLC, dba Community Association Publishing.All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written permission. New England Condominium is published monthly in New York, New York by New England Condominium Magazine LLC, dba Community Association Publishing, 205 Lexington Ave., 12th Floor, New York,
NY 10016. 508-753-4630. ISSN 1550-946X. Periodical postage paid at New York, New York and additional mailing offices. Subscriptions are available free by request to condominium and homeowner associations. POSTMASTER: Please send address changes to New England Condominium Magazine, 205 Lexington Avenue, 12th Floor, New York, NY 10016. FREE Subscriptions for Board Members, Trustees, Property Managers and Real Estate Decision
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TABLE OF CONTENTS
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Pulse...... 4
Q&A...... 5
Marketplace...... 10