When a homeowner decides to serve his or her association as a member of the board, that person has a fiduciary duty to act in the best interest of the community. So, what exactly does a board’s fiduciary duty entail? According to Attorney Stacey Patterson of Ansell Grimm & Aaron, PC, with offices in White Plains New York, Woodland Park New Jersey and Princeton, New Jersey, “fiduciary duty is the responsibility of the board members to ensure sound and proper operation and control of its community and to act in its best interest.”
Financials, Taxes, Fees
As the famous quote says, one thing we can be certain about in life is paying taxes. However, when it comes to the property tax arena, it is possible to reduce the effect this certainty can have on our wallets. Enter the property tax assessment appeals process. This process allows homeowners to appeal the tax assessment that has been placed on their property and potentially lower the amount they have to pay.
Association Budgets Beware – New Federal Overtime Rules Are Coming
This past spring, the Obama administration announced new rules which go into effect on December 1st regarding overtime pay for certain employees. I interviewed Heather Paton, CMCA, AMS, PCAM, Executive Director of Seabrook Island POA on Johns Island, South Carolina, who pointed out that many associations will need to be aware of the new rules in creating their budgets for 2017 and beyond..
Association Fees on Owners’ Credit Reports?
Benefits and Pitfalls of New Credit Reporting Capabilities
Late payers beware. Community associations now have the ability to report delinquent assessment fees to Equifax, thanks to a recent agreement the major credit bureau entered into earlier this year with Sperlonga Data & Analytics.
Creating and maintaining an association budget is part of a board’s fiduciary responsibility. In order to keep your community economically stable, good financial practices are needed to prosper both today and into the future. As fall nears, many associations shift their focus to the upcoming year and begin working on the annual budget process.