4. Changed financial statement requirements. 5. Approval of contractors. 6. Control of deposit accounts or a requirement that operating accounts are to be held at the bank. 7. Balloon payments. 8. Payable on demand. 9. Loan default if delinquencies are over some number (know all the events...
The accrual basis of accounting is generally recommended for homeowners associations as it meets the requirements of California Civil Code. With the accrual basis, all revenue and expenses are reflected in the HOA’s Income Statement and amounts are comparable to the budget. The Balance Sheet will...
This includes reviewing existing policies, obtaining quotes for coverage, and recommending insurance requirements to homeowners. Effectively managing these financial responsibilities requires a proactive, knowledgeable, and strategic approach from the HOA board. By prioritizing financial health and accountability,...
If the policy involves changes in procedures or new compliance requirements, consider offering training sessions for board members and homeowners. This could be particularly important for complex policies, such as those related to architectural guidelines or assessments. Gather Feedback After the po...
2 Porch intends to file a registration statement with the Securities and Exchange Commission in the near term to register the shares of common stock contributed to HOA to comply with regulatory requirements. About Porch Group Porch Group, Inc., ("Porch") is a homeowners insuran...
New Reserve Requirements for NJ Shared Interest Communities An Interview with Michael S. Simone In response to the 2021 Surfside Condominium tragedy in Florida, many states and municipalities have adopted, are consid… Finance 2024 Summer Financial Literacy for Board Members ...
Neighborhood dues go toward common area maintenance, retention pond upkeep, street repair, street lighting, common area structures like the playground, and other unseen requirements like common area property taxes. Homeowners are given 30 days to make payment after receiving their bi-annual statement ...
New Reserve Requirements for NJ Shared Interest Communities An Interview with Michael S. Simone In response to the 2021 Surfside Condominium tragedy in Florida, many states and municipalities have adopted, are consid… Finance 2024 Summer Financial Literacy for Board Members ...
The formal process includes three main requirements: (1) to present an investment project in conformity with minerals master planning, containing a description of personnel and mining methods, (2) to certify the company’s capital equity (at least 30% of investment), and (3) to present an en...
• Ensure adequate resources are in place to address the requirements of systems changes alongside day-to-day business • Ensure clear and detailed planning of each and any system changes, including the impact of other projects Financial