As a general practice, what does an HOA board do if there’s a problem in the association that exists right now, but not enough money in the reserves to fix it? Is issuing a special assessment the way to go, or can the board use other funds in the reserves?
The slightly technical definition of a reserve study is: a budgeting tool based on the art and science of anticipating and preparing for major common area repairs and replacement expenses an association will face in the future.
Have you ever attended a meeting and had no clue what was going on? It’s an awkward position to be in, especially if you're trying to understand and contribute to the conversation. Be in the know and wow your board members when you attend your next HOA board meeting by reviewing these common terms that are sure to come up.
You’ve heard the phrase, “don’t judge a book by its cover.” But sometimes, it’s important to not underestimate the power of first impressions. Take the signage in your homeowners association for instance.
Community association board members and managers might not immediately think of customer service as one of their priorities, but it's important. Customer Service is an integral function of any organization. The need for excellent services is just as vital to an association’s success as it is to a business that sells goods and services.
If you live in a Common Interest Development, you may not realize that you are among the 73.9 million Americans who live in a property owners or homeowners association, including condominium communities.
You may think that most residents are happy living in your community, and hopefully, that is the case, but how do these 70 million residents feel about their own associations?
One of the important things to know about being a part of a homeowner’s association is that almost all items must be discussed at a board meeting and nearly all decisions must be made in a meeting. Here's why it's crucial that HOA boards meet on a regular basis:
Is your HOA board ready for the association’s annual meeting? Typically, most homeowner’s associations hold their annual meetings at the end or beginning of the year. Not only is it a great way to keep members informed, but it’s also the time for many HOAs to hold board elections – in fact, it’s also the law in many states, such as California.
Planning for future repairs and maintenance costs of common areas in the homeowner’s association is one of the most important jobs of an HOA board – and also one of the most neglected. Sometimes, boards are just short-sighted, focusing on the essentials that need to be done in the association now. While today is important, tomorrow must not be forgotten.
One issue that makes it difficult for boards to plan for the reserves is the pushback they receive from current homeowners because they have a hard time seeing how assessments for future projects will benefit them now. Learn how a reserve study protects owner value for both future and current homeowners in the association in the article excerpt below.
You’ve sent out the candidate solicitations, you’ve gone through finding members who are willing to serve on your board, printed the ballots, and mailed out a professionally prepared cover letter with two envelopes (postage paid!) – just like your CC&Rs or Bylaws outline. Now you have a new HOA board, right?
Then, someone you’d least expect notifies you, as the Director, that they are disputing the election because your HOA does not have election rules!