Generating adequate reserve funding in your community can seem like a daunting task, but doing so is a necessary step in providing for ongoing preventative maintenance and structural inspections and repairs, and safeguarding your community’s future. An Iowa community association was forced to tackle their reserve funding head on when faced with severe maintenance challenges they couldn’t afford.
A carefully written investment policy should keep community associations on a straight and narrow path, say professionals who advise them. At Ford’s Colony Homeowners Association, a 2,600-home community in Williamsburg, Va., a finance committee of volunteers uses an investment policy to advise the board.
Community association managers wear many hats and must be well versed in a wide range of skills, all of which are equally important. One component of a manager’s role is to completely understand the financial management aspects of a business. This means knowing and interpreting the financial pieces as well as the nuances that come along with decisions.
California’s “balcony bill,” SB 721, requires balcony inspections within all multifamily residential buildings containing three or more dwelling units no later than Jan. 1, 2025. David Swedelson, founding senior partner at Swedelson Gottlieb firm, provides details to help communities prepare for and transition to these new requirements.
Today marks the two-year anniversary of the partial collapse of the Champlain Towers South Condominium in Surfside, Fla. The tragedy took 98 lives. CAI honors those who lost their lives, the loved ones of the victims, and the survivors who lost their home and neighbors.
