2006 Jul
2006 Jul Vol. 4, No. 7
Focus on...Budget & Finance
Raising Maintenance Fees
They say the only two inevitable things in life are death and taxes. Well, for condo and co-op owners you can add a third—maintenance fees. As long as roofs are going to have to be repaired, snow is going to have to be plowed, and grass has to be cut, unit owners and shareholders are going to have pay for their share of the cost for maintaining the property where they live.
Read MoreMaking Association Budgets Work for You
Just as no household can function without a good, sound budget, neither can a homeowner's association. Creating and maintaining a budget that can guide a condo community through an entire year's worth of finances is one of the most important keys to effective management. Residents put their trust in their board members to plan ahead, plan responsibly and consider all sides of the financial equation so that unexpected—and sometimes expensive—emergencies do not crop up.
Read MoreBorrowing Smart
Sue Stevens became president of her Arlington, Texas homeowners association in 2003, one of her first orders of duty was solving a vital security issue to the residents—how to protect their homes, which were highly visible from several major roadways—from robbery and vandalism. Deciding to gate the 300-unit community of single-family homes was a huge undertaking, especially a financial one. The estimated cost of the project was $100,000, which forced the HOA to conduct an assessment.
Read MoreHow Much Co-op or Condo Can You Afford?
Prices of most co-ops and condominiums in the New York metropolitan area—which nowadays extends as far west as eastern Pennsylvania and as far south as the lower Jersey shore—have reached stratospheric proportions. In once-blighted urban areas like Hoboken and Jersey City, prices are on par with, and in many cases exceed, dwellings in the outer boroughs of New York. And it's not just a few tony communities in Northern New Jersey that carry a big price tag—the whole suburban corridor has gone through the proverbial roof.
Read MoreOwners' Rights/Financial Disclosure
When a new unit owner moves into a condo development, he or she usually receives a welcome packet that contains all the governing documents, such as the declaration of covenants, conditions and restrictions, the bylaws and the house rules.
Read MoreAn Overview of Union City
As its population reaches 67,000, Hudson County's township of Union City is fast becoming an attractive alternative for those who work and play in Manhattan. Read More
Board Financial Planning
There are times when even prudence, foresight and good planning, cannot prevent significant and unforeseen challenges, and circumstances occur which are beyond a board's control. This article identifies some of these situations, and provides some general suggestions and considerations for boards confronted with these challenges. Read More
The New Jersey Society of CPAs
Professional development, legislative outreach, educational and volunteer services are some of the hallmarks of an organization that is one of the oldest state societies in the nation. Read More
