Other Types of HOA Statements You could receive an HOA statement with aspecial assessmenton it. This can happen if the HOA incurslarge costs-- for example, a damaged clubhouse or a series of condo roofs that need repairs -- and it doesn't have enough funds in the reserve to cover the ...
While some associations use the cash basis, this comes with drawbacks. Under the cash basis, financial reports can be misleading because amounts are not always comparable to the budget and the income statement may not reflect all incurred expenses or revenue earned. Using the cash basis method, ...
The amenities offered by an HOA community can greatly enhance your quality of life. But remember, the more amenities, the higher your fees are likely to be. To fully understand what you’re paying for, find out exactly what’s included. For example, does the money cover trash pickup and...
Taking the example above where the HOA has 100 members with one vote each and a meeting is held to vote on a proposed special assessment where 50 members are represented (39 in person and 11 by proxy), how many votes are needed for the special assessment to pass? If you said “Well ...
Many variables come into play when deciding how much outside help a building needs, including the size of the association, but there are generally a few types of financial services that can be provided. An accountant, for example, manages the community’s day-to-day finances and is oftentimes...
It’s also important to note that a resolution cannot conflict with the governing documents. For example, if the covenants state that each household may have no more than two domestic animals, the board could not enact a pet policy that allows more than that. ...
Transparency is the bedrock of a functioning HOA, but a corrupt board often operates behind closed doors. They may fail to provide financial statements, avoid annual meetings, manipulate elections to maintain power, and withhold critical information from homeowners. This lack of transparency makes it...
To Contact Our Property Manager:Nicole Kraten, please call our Message Center at 585-935-5032 and your call will be returned. You may also e-mail Nicole atpropertymanager@summitknollshoa.com. For SKHOA Emergency Calls:(such as major water leaks or structural problems for example), please noti...
Some states – like New Jersey, for example – add another layer to the resolution process in condominium disputes: alternative dispute resolution, or ADR, which refers to a formalized mediation and/or arbitration process that disputing parties must go through before resorting to litigation. In New...
I’ve read, and had some personal experience, about too many “lifer presidents” (an example here) that over time begin to treat the board as their exclusive play grounds. Where most elected bodies recognize the threat to good governance elected lifers create – even the President of the ...