Just like for-profit businesses, association boards should work diligently to develop annual budgets that estimate revenue and expenses for the upcoming fiscal year. A properly drafted budget can help prevent reduced services, deteriorating property, or special assessments.
Community associations fall victim to theft and embezzlement too frequently. Board members should know the warning signs and institute preventive measures before the community is left with a difficult recovery.
Between student loan debt, the high cost of living in large cities, and rising housing prices, buying homes has become less practical for young people. Crowdfunding could be the means to make owning a home a reality for millennials.
CAI’s new site provides practical advice on common issues in the community association housing model.
When Michael Shucart took the helm as president of Leisure Town Home Association’s board more than five years ago, financial disarray and outdated amenities plagued the 1,150-home community in Vacaville, Calif. Now, the retired banker is credited with putting Leisure Town back on a path to success.