Tag: Budgeting

Borrowing from Reserves
Blog

Borrowing from Reserves: The Right Way

Budgeting is a critical aspect of managing a homeowner’s association. It helps ensure that the community’s financial needs are met while maintaining financial stability. However, some common budget mistakes can hinder the smooth operation of an HOA. One such mistake is borrowing from reserves. In this blog, we will discuss the potential pitfalls of borrowing from reserves and explore the legal implications of this practice.

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Overcoming Resistance to HOA Budget Contributions
Case Studies

Overcoming Resistance to HOA Budget Contributions

In every Homeowners Association board, there’s often one member who passionately opposes any increase to the budget. Regardless of justifications, this individual consistently votes against it. We were contacted by a Condominium Association that had never conducted a reserve study in its 18-year history.

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The Perfect Recipe for the Start-Up HOA Budget
Blog

The Perfect Recipe for the Start-Up HOA Budget

Are you in the early stages of forming a Homeowners’ Association (HOA) for your new residential development? Crafting the ideal HOA budget is a crucial step toward ensuring the smooth operation and long-term financial health of your community.

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Red Flags that Signal Potential Problems with Your Reserve Fund
Blog

Red Flags that Signal Potential Problems with Your Reserve Fund

As a homeowner, board member, developer, or community manager, you bear a significant responsibility of ensuring that your community is always in top-notch condition, well-maintained, and prepared for any unexpected situations. One of your primary duties is managing your community’s reserve fund, which serves as a financial buffer to cover any unforeseen expenses or significant repairs.

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Timing is everything.

One of our clients, who had owned a “shelf” (rental) Condominium project for several years, decided to renew the existing Public Report and sell all

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