Category: Finance

Finance Condo Associations Face New Collection Challenges
2020 April Condo Associations Face New Collection Challenges

In an effort to assist residents facing severe hardship, the Massachusetts Attorney General issued new regulations on March 27, 2020 restricting consumer debt collections. The coronavirus pandemic and resultant economic fallout are bad enou…

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Finance Maintenance Fee Increases
2020 February Maintenance Fee Increases

In life two things are assured: death and taxes.  In condo and HOA life, there’s a third constant: annual increases to maintenance or common charges – but many shareholders and owners question why this is the case.  In times of relative sta…

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Finance The Importance of Robust Reserves
2020 February The Importance of Robust Reserves

Saving for a rainy day is a lesson we all learn as children.  As individuals, we put away a little something for that ‘just-in-case’ moment; similarly, co-op corporations and condominium associations must keep reserve accounts, not just for…

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Finance Underfunded Reserves
2020 January Underfunded Reserves

The importance of saving for a rainy day is a lesson we all learn as children. Just like we as individuals should put away a little something for that ‘just-in-case’ moment, co-op corporations and condominium associations must also keep res…

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Finance Facing Financial Mismanagement
2019 July Facing Financial Mismanagement

The board of a building or community association has a fiduciary duty to uphold its community’s governing documents, act in good faith, and advance the interests of the community at large. Occasionally, boards fail to carry out this duty – …

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Finance Maintenance Charge Increases
2019 July Maintenance Charge Increases

There are few things upon which most people agree, but a general dislike for paying more today for something that cost less yesterday is pretty universal. This goes for taxes, consumer goods, healthcare, and of course for monthly maintenanc…

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Finance Manager, or Landlord?
2019 July Manager, or Landlord?

Many co-op shareholders and condo unit owners arrive in their respective communities after a history of living as renters. Often they carry with them certain ingrained assumptions and expectations from having lived under a landlord. These a…

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Finance The ABC’s of  Appraisal
2018 July The ABC’s of Appraisal

For many people, appraisals are a mystery, from why and how they’re done to how the information gathered during the process is ultimately used. Truth is, the mystery is easily demystified. Appraisal is, for all intents and purposes, a strai…

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Finance When Associations Borrow
2018 July When Associations Borrow

Whether it’s a renovation, an emergency repair, or anything in-between, condos, cooperatives, and homeowners’ associations are rarely not spending money on something. And while they may have reserves on hand to pay for its latest project, m…

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