The Dangers of Inadequate HOA Reserves:
Initial Lessons from the Surfside, Fla., Collapse, and Tips for Everyday Smart Money Management
Wednesday, Sept. 15, 2021
2-3 p.m. Eastern
An Exclusive HOAleader.com Webinar
with Practical Tips for Condo and HOA Boards
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The devastating loss of nearly 100 lives when the Champlain Towers South condo building imploded this summer has brought fresh attention to the need to adequately fund for repairs and maintenance.
Yet money is one of the most contentious issues you’ll manage at your HOA. There’s always an owner—or many—who’ll challenge your financial decisions. Whether it’s how much money to collect from owners in assessments, how much money to spend on maintenance and repairs, or how much money to set aside in your reserves for those inevitable projects, your actions will be put under a
microscope.
Join our webinar for vital information on the initial lessons from Surfside, in addition to information on how you can continue to fund (or not) your association’s reserves, led by three community association experts—one a manager, one a lawyer, and one a reserves analyst.
They’ll explain what you need to know about HOA reserves and other funding mechanisms. They’ll also reveal the smartest moves you can make to ensure your HOA can pay for needed maintenance and repair projects.
You'll learn:
- The role of reserves at an HOA, including what you can and should fund and what would be inappropriate to fund through reserves
- How state laws differ in requirements for reserves, ranging from states that don’t have any laws specifically governing HOA reserves to those that require reserve studies or certain reserve levels—and states in between that
permit HOAs to not fund reserves if owners approve such a move
- What you should know about reserve and money management to ensure you meet your fiduciary duties and responsibilities
- When and how to conduct a reserve study
- The consequences of underfunding reserves and how to know if you have "enough" reserves, in addition to communication to owners to help them understand the importance of funding repairs and maintenance
- Best practices for moving your condo/HOA forward both physically and financially
- Pros and cons of various funding mechanisms: budgeted contributions, one-time special assessments, and loans
- The most common mistakes boards make when funding HOA repair projects, whether through reserves or another funding method
- And much more!
After just one hour, you’ll know the HOA industry’s best practices when it comes to money matters at your HOA. Register now for this informative event for community association board members.
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| Robert M. Nordlund, PE, RS, is the founder and
CEO of Association Reserves Inc., a network of offices performing reserve studies in all 50 states. He is a registered professional engineer and a reserve study pioneer who was involved in creating the 1998 National Reserve Study Standards. He served as a condo board member and was a member of the inaugural class of CAI’s certified reserve specialists. He holds a bachelor’s degree in mechanical engineering from the University of Washington.
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| Nancy T. Polomis is an attorney and partner with Hellmuth & Johnson in Edina, Minn., whose clients include local and national residential builders and developers and condos and HOAs throughout Minnesota. She brings more than 25 years of expertise to all stages of community association development and functioning, including entity formation; the creation, interpretation, and updating enforcement of covenants and bylaws; and collections. She is active in the
Minnesota Chapter of Community Associations Institute, where she serves on various committees, served two terms on the Board of Directors, and is a frequent speaker. Her clients include local and national builders and developers and numerous homeowners associations throughout Minnesota.
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| Brad van Rooyen, CPMS, is the founder and senior member of Tampa, Fla.-based HomeRiver Group and its national specialist for community association management, in addition to the president of HomeRiver Group. He has more than 12 years of experience in community association management, and he holds a Florida community association manager license and a Florida real estate license; he's also a certified property management specialist. He has community association
experience from a member's perspective through his volunteer service as the president of his homeowner's association. van Rooyen is also an elected community development district supervisor.
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A webinar is remarkably convenient. You participate from your home or office, using a telephone and computer with an Internet connection. You have no travel costs, hassle, or
commute time.
Because the conference is live, you can ask the speakers questions via the webinar interface. Many attendees tell us this is the most valuable part of the webinar.
And now, with our special group membership offer, your entire board can attend—even from different locations. This offer requires an HOAleader.com Group Membership. When any group member orders, we will set up access for the entire group. Up to 10 users can attend for one low price. It's another incredible deal as part of HOAleader.com
Group Membership.
You will receive access instructions via e-mail several days before the event. You don't need any additional materials before the webinar starts. The conference materials will be provided for you to view, print, and download.
Attend with Confidence
If you are not completely satisfied after attending an HOAleader.com event, let us know within 30 days, and we will refund 100% of your registration fee ... no questions asked.
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