Thank you for attending the December 5 event at the Ritz Condominiums in Atlantic City!
This time of year, many association managers are getting ready to present their budget drafts to their communities’ boards of directors. That is, if the association’s fiscal year is the same as a calendar year. However, no matter what the fiscal year schedule is, it’s important that mangers take certain steps to keep the budget process on the right track all year long.
One of the more challenging tasks an association board faces every year must be their annual budget. Requiring the number-crunching aptitude of skilled accountants, coupled with the board’s clairvoyance to predict not only repairs needed in the year ahead but also global inflation, budgeting is not to be approached without careful introspection into the facts and figures of the community. We spoke with John Grady, CPA of Bogush & Grady CPAs, LLP in Rhinebeck, New York for an accountant’s insights on this topic.
Let’s say, hypothetically, an association begins to consider the installation of security cameras in its common areas in order to protect residents. The board noticed a dramatic increase in crime in surrounding neighborhoods, so they felt this would be a good decision for community. However, if they install this system, are they opening up their association to liabilities it didn’t previously have? What are the best practices for an association to follow when using and installing security cameras?
Excerpt from AssociationHelpNow™ Condo/HOA Primer by Raymond Dickey
Author Note: With hurricane season on the horizon, we thought this chapter from my book would be useful to our readers.
What happens when a property damage disaster occurs in an association? What steps need to be taken at the time of the disaster and afterwards in order to restore the property to its pre-disaster condition? Who is responsible for taking the necessary actions, the residents or the association? We spoke with Tom Licciardi of Accurate Reconstruction in Somerville, New Jersey to answer these questions.