2009 July
2009 July Vol. 7 No. 7
Focus on...Community Budgets & Finance
Drafting a Budget in Uncertain Times
Even in the best of economic times, preparing a condominium's annual budget is a tiresome task, fraught with uncertainty, estimations and shifting numbers. Now, factor in one of the most challenging economic downturns in a century with cash-strapped owners who may be "skipping" monthly condo fees – or even winding up in foreclosure – and you have a downright daunting task. Read More
How Low Can You Go?
Bad economic news is pretty much inescapable these days. You can’t turn on the TV without hearing about another round of layoffs or shaky consumer confidence. The stock market is unstable, retirement funds are shedding value, the housing market has slipped into reverse and uncertainty is hanging in the air. Read More
Selling the Increase
When these decisions have to be made, boards must consider the best way to include residents in their thought process. And when the board of trustees comes to the conclusion that fees must be raised, hopefully they’ll announce it in a manner that will create the least amount of angst and worry for the dozens, if not hundreds, of families that will be affected. Read More
Managing Your Reserve Fund
In Today’s Harsh Economic Times, maintaining a healthy reserve fund is more important than ever. A community association’s reserve fund can be used to cover any number of emergency expenses from sudden repairs to legal costs. In addition, a reserve fund can be used for ongoing maintenance projects or for anticipated future repairs. Read More
Summertime Safety
Ah, summertime! It’s a great time for property managers to kick back and relax! Except for that out-of-control grill fire on the deck of unit 31 that nearly jumped to adjacent units. And that pesky 13-year-old who broke his finger during horseplay in the community swimming pool. Read More
