2016 July
Focus on... Budget & Finance

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 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 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 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 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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Q&A
2016 July Q&A: Voting by Proxy

Q. Are there any specific rules in New Jersey state statute that determines how one votes by proxy during an election? What are the rules concerning how many proxies any one person can submit?  Also, does a person submitting proxies have …

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Q&A
2016 July Q&A: Board Makes Its Own Rules

Q. We have a serious situation at our condominium. It seems that we have a condo board which apparently ignores, breaks, and applies bylaws inconsistently. They also make up bylaws, have not monitored our insurance policies for at least t…

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Q&A
2016 July Q&A: Serve and Protect

Q. We are a small 24-unit condo complex in Bergen County. As it is in many walks of life these days, it seems that nobody wants to serve on the board of managers. We seemingly have the same people all the time and they keep serving over a…

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