Category: Finance

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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Finance
2011 July Q&A: Proxy Dilemma

 Proxy Dilemma Q Two weeks prior to our annual condo election, the unit owners receive their  proxies in the mail. However, a board member who was up for re-election  obtained a proxy from the manager two weeks earlier than all the…

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Finance
2011 July Treasuring the Role

Of all the members of a condominium’s board, the treasurer is in a unique position to uphold the fiduciary  responsibility of the association, similar to that of a chief financial officer  in the corporate world.    Basically, the t…

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Finance
2011 July Ahead of the Line

In most states, community associations have no special status when a unit owner  stops paying maintenance fees. But one by one, states have been adopting a  priority lien, or “super lien” provision into law, to give condominium association…

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Finance
2011 July Sturbridge, Massachusetts

All roads lead to Sturbridge, Massachusetts—or so it seems.    A thriving community with colonial roots, Sturbridge stands at the crossroads of  New England. U.S. Route 20 runs through the center of town, and the junction of  Inters…

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Finance
2011 July The Changing of the Guard

Most of the time, a condo association or co-op building and its management  company enjoy a mutually beneficial partnership—the management company and the individual agents try their best to serve their  clients, and their client communiti…

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Finance
2011 July Tracking Trouble

 It often arises suddenly. And when the telltale signs do appear, the problem has  likely been years in the making. “It can come up any number of different ways,” says Charlie Perkins, senior partner of the Westford, Massachusetts-based la…

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