In early 2020, our firm was hired to prepare a reserve study for an unremarkable 136-unit, 12-story condominium in south Florida. It was the kind of association you could drive right by without noticing, not much different from all the othe…
The Community Associations Institute (CAI) estimates that 74 million Americans live in communities managed by homeowners associations, of which condos account for 35% to 40%. That’s a lot of people - many of whom may be in for a nasty shock…
It’s a question we’re asked all the time: "Can we use reserves to cover an operating fund shortfall?" Under normal circumstances, our standard response would be an emphatic “No!” -- because reserves are for major repair and replacement proj…
Questions to our firm about how homeowner and condominium associations should respond to the coronavirus (COVID-19) epidemic have come in waves. When news of the virus broke, we were asked by HOAs and condos how to keep homeowners safe. (S…
Condo association and HOA living represents a unique social arrangement; it’s a paid-for membership club and a home at the same time. Many people enter into this arrangement without a complete understanding of the responsibilities of member…
You work hard and try to put money away to be used for a rainy day —hoping of course that that ‘rainy day’ is a long-awaited trip to somewhere fabulous and tropical. Then, boom—the brakes on your car suddenly go, or one of the kids needs br…
Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the purse for an entire building or HOA is a major responsibility, and boards -- even …
There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of associations, condo associations…
Preparing the annual budget for a condo association or HOA isn't quite like figuring out a budget for a couple, or even a large family. The board of a multifamily building or association has to consider all the angles—past, current, and fut…
While it's pretty much impossible for an association board or employee to commit fraud on the scale of a Bernie Madoff or any one of the herd of shysters who have tromped through the news in recent years, building boards and managers certai…