Budgets for homeowner’s associations (HOA) should be updated regularly, typically on an annual basis. A well-planned homeowner’s association budget can help you forecast the cost of maintaining common areas of the neighborhood as well as cover...
For condo associations, reserve funding is required by law. Although there can be some wiggle room and even a potential to hold a majority vote to do away with reserve funds, this is rarely a good decision. Reserve funds are a vital component to a condo association’s...
Your condo association has this stash of money set aside called the reserves. You and many other members think that money should go toward a new paint color in the fitness center. That old pea green just isn’t doing it for you. You should be able to use those reserve...
While we’ve talked a lot about budgeting needs for your HOA and condo association, there is a specific subject regarding budget that we wanted to tackle in this blog. It’s the reserve fund. What is the reserve fund? The reserve fund, or reserve budget, exists to take...
After a year like 2020, we might feel lucky just to still have a roof over heads and a community to live in. There’s nothing like a pandemic, social justice movements, natural disasters and an election to put things in perspective. But for HOAs and condo associations,...
