Category: Finance

Finance
2013 July Can You Hear Me Now?

 Walls are the only separation between you and your neighbors when you live in a  densely-populated area, and privacy sometimes goes out the window. People hear  their next-door neighbors talking, footsteps from above or even music blaring…

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Finance
2013 July Watch Your Language

 While the vast majority of one-time projects and long-term service contracts  involving vendors and service providers and their condominium or HOA clients go  smoothly and either conclude or continue without incident, a small percentage  …

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Finance
2013 July FEMA Funding 101

 When Superstorm Sandy hit the New England states last fall, the U.S. Department  of Homeland Security’s Federal Emergency Management Agency (FEMA) was quick to offer federal disaster  assistance to the states affected to supplement the lo…

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Finance
2012 September The Nuclear Option

 The great majority of co-op and condo residents pay their monthly maintenance  fees on time and in full with no problem. People do fall behind on payments  sometimes, of course — a temporary cash flow issue or other short-term financial h…

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Finance
2012 July Understanding Your Association's Finances

 Budgets and financial reports provide a crystal-clear picture of how the  association is doing. From an investment perspective, they show how unit  owners, managers, tenants, building owners, board of trustees, etc., whether  the property…

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Finance
2012 July Pay Up!

 During the tough economic environment of the past few years, many condo owners  have faced job losses, pay decreases or just financial uncertainty.  Unfortunately, this sometimes leads to owners not paying their common charges.    …

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Finance
2012 July Putting It in Perspective

 Looking at the balance in an association’s reserve account, a homeowner could easily feel complacent. After all, a  quarter-million dollars is a lot of money.    Maybe—or maybe not. If the condominium comprises 200 units, is nearin…

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Finance
2012 March What's in Your Wallet?

Just as families are encouraged to set aside a portion of the household budget into a savings account, so are community associations advised to maintain a reserve fund for capital improvements—repairs and replacements of major common-ow…

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Finance
2011 December Look Both Ways

The Roman god Janus had two faces that allowed him to look backward into the past and forward into the future. When thinking about end-of-the-year association finances, boards would do well to take a lesson from Janus and look back at …

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Finance
2011 July Q&A: Can We Deduct Common Charges for Repairs?

  Q: If there is damage to my roof and it leaks into my condominium  unit and I reported it to the board three times with no repairs made, can I  repair it myself and deduct the cost from my common charges? Please advise ASAP. Your atte…

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