2008 July
2008 July Vol. 6, No. 7
Focus on...Budget & Finance
Changing Your Condominium's Tax Filing Status Can Net Savings
For the uninitiated, tax filing for something as complicated as a community association can seem a daunting task. 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
Not in the Garden State
New York co-op boards are notorious for scrutinizing prospective buyers with the intensity of federal investigators. The application and interview process can be lengthy and exhausting for someone looking to move into a cooperative. As such, many buyers look to condos as a way to avoid the whole daunting process. However, condos in New York City have their own way to screen buyers: the nearly universal—though rarely invoked—right of first refusal (ROFR), which is written into the bylaws of most New York condominiums. Read More
When, How, and Why
Boston, Massachusetts may seem worlds away from the serene Garden State, but the story of one embattled condo building there represents a dire cautionary tale for boards and managers everywhere. Read More
Who Makes the Cut in New Jersey's Co-ops?
Imagine this scenario: you’re trying to purchase a co-op apartment, but also in the midst of a divorce. The board, concerned you may have to shoulder additional child support and alimony payments, fear that you might be unable to meet your financial obligations to the building, and demand to see your divorce settlement paperwork. As additional reassurance, they also request that you put a year of maintenance payments into an escrow account…just in case. Read More
Reconciling Your Condominium's Maintenance Budget
Along with big-ticket items like boilers, HVAC systems, and the like, residential buildings also have to purchase lots of little, everyday things like cleaning supplies, light bulbs, and paper products. Though not necessarily expensive in and of themselves, costs for these small things can definitely add up over the course of a year. It’s up to managers and building staff members to keep a lid on costs and be conscientious about limiting waste. Read More
Money Makes the Board Go Round
They don’t call it “the bottom line” for nothing. When all is said and done, pretty much everything in business (okay, pretty much everything, period) comes down to money. In most business situations, a company CEO or president has the final word on money matters; the HOA business model dictates that fiscal responsibilities are shared between the board and the managing agent. This complex relationship demands managers embrace understanding, communication, and serious patience when it comes to HOA money matters. Read More
Stopping Sprawl, Growing Greener
For many years—or at least until the energy crisis of the 1970s—urban and suburban planners didn’t seem to care much about conserving natural resources. Suburban towns were laid out in such a manner that you had to drive everywhere—even a block away to buy a carton of milk or orange juice. And the fact that gas cost about 29 cents a gallon meant that people didn’t mind. Meanwhile, many areas in older towns and cities were left to decay, often leading to blight and eventual abandonment. Read More
A Town on the Edge
Nestled on three and a half miles on the Hudson River at the foot of the Palisades, Edgewater borough is a small nugget of New Jersey’s Gold Coast. With a growing, young population looking for proximity to Manhattan, as well as a community they can call their own; Edgewater is widely considered one of Northern New Jersey’s hot spots. Read More
Q&A: Builder in Control of Meetings
For the past three years, I have lived in a condominium complex that was built approximately five years ago. The condo association is composed of five members, three of which include the builder and two others employed by the builder. Only two members are residents. So few units have been sold there aren’t enough shareholders to be part of the association. Last spring, a representative of the builder stated at a meeting that there would no longer be monthly meetings. In fact, there will be no more meetings open to all of the residents. Is this legal? Read More
Q&A: President as Maintenance Supervisor
We have a situation at our condo association regarding the likely possibility of changing our maintenance from a contractor to a direct hire. It has been widely speculated that our board president would be the candidate for the position of maintenance supervisor. But, basically our board president would, if the job gets board approval, be in charge of maintenance and possibly other direct hires if they decide to replace other service providers. In all likelihood, our board president would have to vote for himself for the job for it to pass. He is also not saying that he would step down from the board. Read More
