Category: Finance

Finance
2010 July A Rash of Thefts

 Given recent headlines, condo associations could be forgiven for thinking they  need to put an armed guard and razor wire around the petty cash box. A wave of  fraud appears to be hitting condominiums from New England to Florida and  beyo…

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Finance
2010 July Understanding Your Condo's Finances

Management of a condominium community is much like democratic government in a small town or village. The budget process is remarkably similar, whether it’s fees or taxes being collected, and, as in local government, financial management…

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Finance
2010 July Squeeze Play

 Tighter lending requirements for Federal Housing Administration (FHA)-backed  mortgages for condos have put financial and administrative pressure on condos  around New England at a time when many are ill prepared for any new challenges.  …

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Finance
2010 July Overlooked Savings

 As annual and quarterly budgets come up for review, associations are looking to  cut additional costs anywhere and everywhere they can. But how much more “fat” can be trimmed from budgets? Surprisingly, there are a few unsung cost saving …

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Finance
2009 Oct Financial Issues

New lending guidelines from HUD mean that FHA loan requirements will be significantly tightened for condominium sales. The new requirements could have a profoundly negative effect on the ability to sell or buy a condominium unit that…

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Finance
2009 July Summertime Safety

 Ah, summertime! It’s a great time for property managers to kick back and relax! Except for that  out-of-control grill fire on the deck of unit 31 that nearly jumped to adjacent  units. And that pesky 13-year-old who broke his finger durin…

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Finance
2009 July Managing Your Reserve Fund

In today's harsh economic times, maintaining a healthy reserve fund is more important than ever. A community association’s reserve fund can be used to cover any number of emergency expenses from sudden repairs to legal costs. In additio…

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Finance
2009 July Selling the Increase

When these decisions have to be made, boards must consider the best way to include residents in their thought process. And when the board of trustees comes to the conclusion that fees must be raised, hopefully they’ll announce it in a m…

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Finance
2009 July How Low Can You Go?

Bad economic news is pretty much inescapable these days. You can’t turn on the TV without hearing about another round of layoffs or shaky consumer confidence. The stock market is unstable, retirement funds are shedding value, the housin…

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Finance
2009 July Drafting a Budget in Uncertain Times

Even in the best of economic times, preparing a condominium's annual budget is a tiresome task, fraught with uncertainty, estimations and shifting numbers. Now, factor in one of the most challenging economic downturns in a century with …

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