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Category: Budget & Finance

8 Fraud Facts Every Association Needs to Know

fraud facts

Be Fraud Aware to Protect Your HOA This article courtesy of Truist The threats of fraud and cybercrime picked up speed during the pandemic. Over the past two years, technology tools allowed millions of Americans to work remotely but exposed the need to raise defenses against fraud. Business fraud is on the rise for organizations […]

Coverage Snapshot: Directors & Officers Liability

coverage

This article is courtesy of JGS Insurance, A Baldwin Risk Partner You’ve probably heard the term Directors and Officers Liability or D&O, but what exactly is it and why is it important you and your business? Directors & Officers Liability is an insurance policy that protects both the personal assets of individual Directors and Officers […]

Budgeting For The New Normal

Budgeting image

For condo boards, this is a turbulent and challenging time. Projects were put off last year due to the pandemic, so the specter of deferred maintenance is real. But finding someone to do the work, at a reasonable price, is nearly impossible. As a result, it’s time to rethink your budgeting processes and adjust to this “new normal.”

It Was The Worst of Times: Community Association Budgets During Covid-19

Ah, fall… the weather grows colder, school is back in session (virtually for some), the Phillies’ bullpen has its normal late September swoon, and community associations across the Delaware Valley start working on their budgets for next year. Preparing a community association budget in good economic times can be a difficult and stressful endeavor. So […]

Best Practices For Navigating HOA Finances in Times of Uncertainty

As an HOA Board Member, how do you think about long term financial planning in times of great uncertainty? Never forget you are in essence operating a small municipality when running an Association. Just like your local municipality, Association’s expenses such as insurance, maintenance, utilities etc. are covered by the revenue collected from the residents. […]

Covid-19, Banks, and Remote

COVID-19, BANKS, AND “REMOTE?”… WE’RE THERE ALREADY Prompted by the discussion last Wednesday morning about being “remote” during the “Spill the Beans” Business Partners Coffee Break, one of the topics of conversation was around how everyone is dealing logistically with working remotely as a result of the COVID-19 pandemic. It occurred to me that I […]

Community Association Loans: What? Why? & How?

Capital improvements in community associations are always needed.  These include but not limited to roof replacements, balconies, sidewalks, pools, HVAC systems, etc.  Most communities conduct reserve studies to assess the replacement costs and remaining useful life of each component.  If a community hasn’t reserved ample funds for the replacement costs of the projects either a […]

So, You Want to be an Association Treasurer?

So, You Want To Be an Association Treasurer? Please note: This blog article originally appeared on the Acri Community Realty Blog and is shared with permission of Acri Community Realty. For more information and to contact Acri Community Realty, please scroll to the end of this article.  The Association Board member that is elected as […]

No Right to Withhold Assessment Payments

Unit owners occasionally threaten to “escrow” assessments, and wrongfully assume that if they are not satisfied with the board’s maintenance, repair, replacement, governance, management, or operation of the association, they are entitled to simply withhold assessment payments, similar to what may be permissible pursuant to landlord-tenant law.   However, neither the Pennsylvania Uniform Planned Community Act […]