How to Communicate the “News” in the Best Possible Manner If you have been in the association management business for any length of time, then you most likely have been faced with the need for a special assessment (SPA). The mere words can send chills down the spine of a manager and board of
An internal auditors’ role includes monitoring, assessing, and analyzing organizational risk and controls; and also reviewing and confirming information and compliance with policies, procedures, and laws. Working in partnership with management, internal auditors provide the board, the audit committee, and executive management assurance that risks are mitigated and that the organization’s corporate governance is strong
While it is always important to know where your community stands financially, it is especially important to understand the community’s financial condition in today’s economy. There are several recommendations and standards in place for analyzing a community’s financial health, and a few are listed below: Recommendation A: 2-3 months of expenses in your operating
Holy cow! I can’t believe it is time to begin preparing next year’s budget. Where to start? The first item of business is to retrieve the financial information for the last year and determine what the association spent this year. Look at the trend for the expenses. Are you spending more or less money than
New community associations are expensive to establish. Developers understand that in the current economic climate, community associations can be a hard sell to purchasers trying to obtain a loan and keep their monthly expenses low. Some developers have established associations in their new developments but have not assessed dues to the owners, in the belief
Five Traits of a Successful Community
Whether a planned community, condominium or mixed use associations, all communities share five traits for success. These five characteristics, when employed together, allow a community to operate at its highest level of efficiency and efficacy, benefiting everyone involved – the board, homeowner and management. A Functioning Board of Directors Because all five characteristics are