Category: Finance

Finance
2017 October Appropriate Use of Common Funds

Here’s a scenario:  It’s mid-December.  The board has assembled for their last meeting of the year.  The managing agent brings great news: due to several unforeseen factors, including the past year’s mild winter and savings resulting from c…

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Finance
2017 July Financial Oversight

Co-op, condo 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 membership.…

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Finance
2017 July Funding Capital Projects

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…

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Finance
2017 July What Boards Need to Know About Finances

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 …

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Finance
2017 July Inadequate Reserves

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 co-ops, condos and homeowners’ a…

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Finance
2017 April The Lending Landscape

Today, some eight years after the Great Recession, financing for co-op and condominium buildings and individual unit purchases is widely available.  The market is overall quite healthy, and though there have been some systemic changes to th…

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Finance
2017 January Tax Time

If you live in the United States and watch television, you are undoubtedly aware that every January, right before the New Year, the holiday season advertising tapers off and the tax season advertising begins. From around December 30th to Ap…

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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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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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