In a community association, the most dreaded phrase you can hear is “special assessment.” A special assessment is a real property tax proportionately levied on homeowners and landowners to cover the costs of improvements that will be for the benefit of all upon whom it is imposed. Special assessments come in all shapes and sizes. […]
How to Save on Insurance Costs
The purpose of this article is to help you save money on your next building insurance premium. There is a simple and easy process to get the right amount of coverage for the most reasonable price available, yet most people don’t do it. Don’t make the mistake that many of your peers make. This brief […]
Save Your Association Money with These 7 Tips
Let’s face it, there are a lot of expenses when operating a community association. HOA assessments generally seem to just keep going up. Board members may be thinking about saving money for the association, but are they looking in the right areas? The following tips are ways for associations to potentially save money by the […]
Reserve Studies: Pooled Method or Component Method?
One of the most common reserve study questions that often comes up is which method of calculating reserves is better: the pooled (cash flow) method or the component method? Before we really examine this question, it is important to know a little background information on each method. Overview of Methods The pooled (cash flow) method […]
Hazard Insurance Appraisal Checklist
Knowing how to proceed and how to get things done is often vitally important. But that isn’t enough by itself; it doesn’t stop there. It is also equally important to know what you should NOT do, what errors to avoid. One way to achieve that is to discover what mistakes others have made and then […]
Three Strategies for Effective Reserve Study Funding
There are many communities who go about things the right way and who experience good success with properly funding their reserve accounts. Other communities fail to think things through and reserve planning eventually becomes a big problem down the road. One secret to successful completion is to get a “map” or plan, a track to […]