2011 July
Focus on... Community Budgets & Finance

Finance Strings Attached
2011 July Strings Attached

lthough they are supposed to have a so-called reserve account to cover anticipated capital expenses—roof replacements, exterior maintenance, elevator upkeep, and the like—many condominiums, especially in the last few years of economic …

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Finance Expecting the Unexpected
2011 July Expecting the Unexpected

 Massive flooding. Widespread insect infestations. Devastating tornadoes.  It’s a good thing those things don’t happen in New England.    Condominium trustees and homeowners who thought New England was immune to such  catastr…

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Finance You'd Better Shop Around
2011 July You'd Better Shop Around

 The day-to-day costs of running a multifamily residential building are  significant. There’s the fuel oil, electric, cleaning supplies, equipment maintenance and service  calls for repair and upkeep. Then there are the insurance costs, la…

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Finance Tracking Trouble
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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Finance The Changing of the Guard
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 Sturbridge, Massachusetts
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 Ahead of the Line
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 Treasuring the Role
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 Q&A: Proxy Dilemma
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 Q&A: Can We Deduct Common Charges for Repairs?
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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