Category: Finance

Finance
2016 July Budgeting 101

Preparing the annual budget for a condo 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 future—when for…

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Finance
2016 July Spotting Financial Irregularities

While it's pretty much impossible for a co-op or condo 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 cert…

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Finance
2016 July Collecting Arrears

The majority of co-op and condo residents pay their monthly maintenance fees on time and in full with no problem. The recent recession, however, changed the picture drastically for residents who found themselves laid off, under-employed, or…

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Finance
2016 July Show Me the Money

The first of the month rolls around and it’s time to pay the bills that keep your building operational. Repairs might need to be made, staff salaries paid, maintenance done to keep all the common elements running, and supplies reordered. Th…

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Finance
2016 July Financial Record-Keeping

Whether your community is a co-op, condo, or HOA, proper record-keeping is the difference between a healthy property and one headed toward peril. And while meeting minutes and election results require well-organized documentation, records s…

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Finance
2016 May Death and Taxes

There is no doubting the wisdom of one of America’s founding fathers, Benjamin Franklin, who wisely said, “In this world nothing can be said to be certain, except death and taxes.” While Father Time can take care of your mortality, the fed…

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Finance
2016 April Alternative Funding

In this challenging economy, many condo and HOA communities are struggling to pay their bills while planning for future needs. Still, most boards are loathe to raise maintenance fees or levy special assessments on their residents until ther…

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Finance
2015 July New Jersey’s 2016 Budget Plan

After a prolonged fight between Republican Governor Chris Christie and Democratic lawmakers, Gov. Christie signed a $33.8 billion dollar budget for New Jersey into law. Back in February, Gov. Christie proposed cuts nearly across the board …

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Finance
Flip Taxes or Transfer Fees

In New York City, it is not uncommon for boards and managing agents to levy a “flip tax,” or a transfer fee paid to the co-op or condo association by owners who sell their units. “Flip taxes are extremely beneficial as an ongoing fun…

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Finance
2015 July Don’t Raid the Cookie Jar

Sometimes the future seems like it’s an awfully long way away. If a roof is going to last 30 years, why should we worry about it today? Same with that shiny new boiler, HVAC chiller or that flat, crack-free pavement just poured two summers…

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