Community Association Financials

Budgets, Dues, Association Fees, Assessments, Financial Controls, Insurance, Reserves

Use These Cash Management Tips to Protect Your Association Clients’ Financial Security (And Your Own)

Inflation is taking a bite out of the budgets of community associations and the bottom lines of management firms like yours. The months and months of rising prices, combined with the threat of an impending recession, leave associations — and, in turn, the management companies whose survival depends on them — at risk. According to…

3 Tips for Effective Cash Management — for You and Your Clients

Inflation is taking a bite out of the budgets of community associations and the bottom lines of management firms like yours. Strong cash management can help you and your clients both protect your financial security over the short and long terms. The Vulnerability The months and months of rising prices, combined with the threat of…

Surfside Aftermath: New Florida Law Puts Managers Under the Gun

Florida condo and co-op associations are facing a new law aimed at ensuring the structural integrity of high-rise buildings in the wake of the Champlain Towers South collapse in Surfside. The law imposes several new requirements that are raising concerns. “It was a hurried, not well-thought-out bill that’s going to have really significant consequences,” says…

Florida Tackles Condo Repairs Reform — Will Other States Follow?

Florida condo and co-op associations are facing a new law aimed at ensuring the structural integrity of high-rise buildings in the wake of the Champlain Towers South collapse in Surfside. The law imposes several new requirements that are raising concerns. “It was a hurried, not well-thought-out bill that’s going to have really significant consequences,” says…

New State Law Could Make it More Difficult for HOAs to Collect Unpaid Fines and Fees

Community associations may find their hands tied when pursuing unpaid fines and fees due to a controversial new state law. Under the new law, which was enacted earlier this year, Colorado now prohibits community associations from seeking foreclosures against owners based solely on unpaid fines. Even if you’re not in Colorado, take note because our…

New Law Restricts Foreclosure Remedy

Colorado HOAs are prohibited from seeking foreclosures against owners based solely on unpaid fines under a new law enacted earlier this year. The law includes additional provisions that will tie associations’ hands in some significant ways when pursuing fines and fees. The Impetus According to The Denver Post, the law is intended in part to…

Proposed Legislation Could Provide Funding for Special Assessments

U.S. Representatives Charlie Crist (D-Fla.) and Debbie Wasserman Schultz (D-Fla.) recently introduced the Securing Access to Finance Exterior Repairs (SAFER) in Condos Act of 2022 (H.R. 7532). The legislation would allow condo owners to finance special assessments with loans backed by the Federal Housing Administration (FHA). But, if enacted, the law might not provide the…

Corporate Buyers: Coming Soon to a Community Association Near You?

Corporate investors are snatching up homes in community associations across the country and renting them out. Not surprisingly, “regular” homeowners in these communities aren’t too happy with the results. “If a board thinks this will never happen because of the price points of their homes or whatever, they’re gravely mistaken,” says Scott Weiss, of counsel…

Are You Covered? Must-Have Insurance for Today’s Managers

Times change, and so do your risk exposures. That means your long-time general liability and property insurance policies may not be sufficient to provide the coverage you need these days. “I’m concerned about managers being stuck paying $20,000 to $100,000 in legal fees, not even including the settlement or judgment,” says Steven Fischer, vice president…

New Ruling Could Deter Owners’ Frivolous Claims

The Texas Supreme Court has ruled that an association can qualify as a “prevailing party” entitled to recover its attorneys’ fees under the Uniform Condominium Act (UCA) when it successfully defends against an owner’s claims. More than a dozen states have adopted some version of the UCA. The owner sued the HOA and its board…