Understanding and Utilizing Your Reserve Study to Ensure Long-Term Success
It is estimated that more than 3.1 million residents in Maryland, the District of Columbia and Virginia reside in community associations. According to Community Associations Institute’s latest statistical review, these residents are represented by roughly 17,000 community associations. As the community association living space continues to evolve so does the way they are managed. ProfessionalRead More
Breaking Budget Bad News
Happy Budget Season! For most, budgeting is the same each year: apply your contractual annual costs, monitor utilities and don’t forget to add in extras like the mid-summer dumpster fees. For some, it’s not so simple: the inevitable large increase in assessments is here. How are you going to break that news to your homeowners?Read More
Is There Such a Thing as “Good Debt”?
The 1970’s Fram Oil Filter commercial used the phrase: “Pay me now or pay me later”. It was a vivid message that paying for quality preventive care is worth it. In the case of the ad, it was about the car’s oil filter. In a community association it is about the infrastructure and maintaining theRead More
Budget Preparation: A Way of Life
Last year, soon after a manager finalized the draft budget for a mid-sized HOA, it was adopted uneventfully and put into play for this current 2019 fiscal year. The budget plan came together rather easily because the manager was prepared. Maintaining an organized assembly of documents is important to support each and every line itemRead More