HOAleader.com - Tip of the Week - May 22, 2009
Published: Fri, 05/22/09
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HOA Finances: Ask for a Second Set of Eyes to Suggest Cost Cuts
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This week's tip comes from our brand-new special report:
50 HOA Management Tips:
Tips and Best Practices for Homeowners Association Boards
http://www.hoaleader.com/members/271.cfm
Members (and trial members) can download the report for free now.
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"Common charges in annual budgets aren't carved in stone," says
Luigi Rosabianca, an attorney who advises associations and co-ops
at Rosabianca & Associates in New York City.
"There's always room for greater oversight or a second set of
eyes, especially if you can save a couple of dollars for the
greater communal good. You'd like to think your management company
is already doing that, but some associations are asking: Should
we hire someone to look over our management company's shoulder?"
Luigi suggests, "If you have a diverse board with the expertise
internally, you probably already do it yourselves. You can also
have an accountant or another property management company take a
second look. There would be a fee, but if the management company
is familiar with your neighborhood, it should be able to look at
your books in an hour and tell you whether they make sense."
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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HOA Facilities: When Common Areas Become Storage Areas
Bikes. Golf clubs. Grills. Couches. Boxes, boxes, and more boxes.
Those are just some of the things that can begin to accumulate in
your common areas when owners consider common areas fair game for
storing the things that don't fit into their units or assigned
storage areas. Aside from the fact that your common areas can
begin to look like junkyards, accumulating clutter can become a
fire hazard. What's an association to do?
Click here to read full article:
< http://www.hoaleader.com/members/283.cfm >
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HOA Fees: Can Your Association Raise Money By Adding Fees?
When governments run short on cash, they get creative. Rather
than face the wrath of the citizens by overtly raising taxes,
they add a fee here and assess a fine there. Can your association
take the same approach to raising cash by adopting fees that will
fill your association's coffers? Here, we discuss the pros and
cons of a fee-based revenue plan.
Click here to read full article:
< http://www.hoaleader.com/public/282.cfm >
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HOA Landscaping: Can Your Homeowners Association Outlaw Vegetable
Gardens? Should You?
If owners want to plant vegetable gardens to save money, can you
stop them? Probably. Should you? That's a different issue.
Click here to read full article:
< http://www.hoaleader.com/members/281.cfm >
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HOA Finances: Can Your Homeowners Association Donate Funds to
Charitable or Civic Causes?
If your condo or homeowners association has been asked to donate
to charitable or civic causes, make sure you understand your
state's law and your governing documents before throwing a few of
your HOA's dollars onto the donation plate.
Click here to read full article:
< http://www.hoaleader.com/members/279.cfm >
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Protect Your HOA: Take Over for Delinquent Owners
Protect your condo or homeowners association before owners
become delinquent on assessments. If you allow rentals, require
that owners who rent their property but are delinquent in
association fees or assessments allow the association to step in
and demand that the tenant pay rent directly to the association.
Click here to read full article:
< http://www.hoaleader.com/public/278.cfm >
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