2004 Jul
2004 Jul Vol. 24, No. 7
Focus on...Budget & Finance
Financial Planning
In a co-op or condo community, the responsibility of the homeowners association goes beyond setting house rules. The association also has a fiduciary responsibility to collect maintenance fees from its residents, create a budget to account for where that money will be spent, and raise enough capital to cover long-term special projects and repairs. The budget includes operating expenses, repairs and upkeep of the building and other structures, landscaping, lighting, and special projects, such as new playground equipment. Read More
Surviving Financial Storms
Planning is the key to maintaining a balanced budget for co-op and condo associations. Knowing your budget, predicting expenses, even predicting the unpredictable are all vital components to having a sound bottom line and keeping your shared community financially healthy. Read More
The Role of Your Property Manager
A Budget planning is a key component of any association's operations and preparation, and usually falls on the property manager's shoulders. However, he or she does more than just what the title implies—the manager is a "jack of all trades"—they must oversee daily operations in addition to acting as a liaison to the board on a variety of issues from financial matters to refereeing disputes amongst homeowners. Read More
Reverse Mortgages
Buy a motor home and travel the country. Pay for grandson Johnny's college education. Fix up that old kitchen you've been complaining about for decades. These are things you've been wanting to do for years and years, but, though you've worked hard all your life, there never seemed to be enough "extra" to make it all happen. Read More
Combatting Suburban Sprawl
Mount Laurel is a populous rural community in Southern New Jersey and a township that covers approximately 22 square miles. But it is also the namesake of a series of precedent-setting legal decisions that govern how the state of New Jersey responds to the construction of moderate and low income housing within its boundaries. Read More
Making Special Assessments Easier to Swallow
Unexpected repairs are part of owning a home. For owners of single-family houses, the process is simple: Something needs fixing or replacing, and you call a contractor and get the work done. You may not be happy about it, but you accept it as a simple necessity—part and parcel of being a homeowner. Read More
The New Jersey Association of Realtors
Founded in 1969 as part of the New Jersey Real Estate Board, the New Jersey Association of Realtors (NJAR) is a statewide organization dedicated to provide support, education, and advocacy for the more than 45,000 realtors and realtors' associates doing business in the Garden State. Read More
Trenton
When someone mentions Trenton, most people probably just think of the city of just under half a million souls as the seat of New Jersey's state government—maybe as a former industrial hub of the Northeast, if they know their history—and not much more. But like a lot of towns in central New Jersey and all over the tri-state area, Trenton is steeped in rich colonial history, loaded with cultural reminders of two revolutions: the Revolutionary War, and the Industrial Revolution. This month, we take a closer look at Trenton and its historic Old Mill Hill district, a community-within-a-community with a commitment to preserve and protect its history and architectural beauty. Read More
Large Associations Face Sales Tax Audits
The New Jersey Division of Taxation is cracking down and performing more sales/use tax audits of Common Interest Realty Associations (CIRAs) of all types—co-ops, condominium associations, and apartment buildings—than ever before. There are many common misunderstandings about sales/use taxes, and because of that, many communities may be at risk for significant penalties for failing to file and pay. Read More
