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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 cash-strapped owners who may be "skipping" monthly condo fees – or even winding up in foreclosure – and you have a downright daunting task. Read More
Greening for Savings
From your neighbor’s spiffy hybrid automobile to Leonardo DiCaprio’s “célèbre-green” status, it’s clear that increased attention to the environment is both vitally important and in vogue. It is also clear that there is huge savings potential in increasing energy efficiency. But what to do and how to do it is a little less clear. From basements to rooftops, here are a few ideas for bringing your building from light green to dark green. Read More
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 housing market has slipped into reverse and uncertainty is hanging in the air. Read More
Federal Form 1120-H, 990 or 1120?
For the uninitiated, tax filing for something as complicated as a community association can seem more than daunting. Fortunately, there are multiple options for homeowners associations, and with a little background knowledge, you can take the first steps toward making the right choice for your particular situation. Read More
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 manner that will create the least amount of angst and worry for the dozens, if not hundreds, of families that will be affected. Read More
Behind in Reserves
The Harbor Towers, a pair of 40-story residential buildings designed in part by noted architect I.M. Pei, offer some of the most exquisite views of the Boston harborfront and skyline. Once out of place in what was a district of warehouses and parking lots, Harbor Towers, located between the New England Aquarium and Rowe’s Wharf, has become one of the city’s more prestigious residences Read More
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 requires FHA financing. It’s estimated that the vast majority the condominiums in New England will not meet the new guidelines, and unless they move quickly to comply they could see their property values directly impacted.
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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 addition, a reserve fund can be used for ongoing maintenance projects or for anticipated future repairs. Read More
Preparing the Annual Budget
Maybe it’s not as annoying as that trip to the dentist, but the annual budget comes around every year just like that dental appointment. And the budget process, say trustees, officers and accountants who are charged with completing it, draws the same amount of enthusiasm as a dental visit. Read More
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 during horseplay in the community swimming pool. Read More
