The HOA & Condo Accounting Expert – Providing monthly accounting to community associations nationwide including dues collections, bill payment & financial reporting.
Bruce Cholst is a partner at Rosen & Livingston, a Manhattan law firm specializing in the representation of co-op and condo boards.
says that a management contract is usually formed between the co-op, condo or HOA and the management firm. Management companies usually have a set contract that they use for every building in their portfolio,
In addition to the board's responsibility to maintain and preserve the property, as well as the value of the property, it also has the responsibility to protect, maintain and enhance the assets of the co-op or condo. Boards should develop an investment strategy for reserve funds. The board ...