2010 July
2010 July Vol. 8, No.7
Focus on...Budget & Finance
Overlooked Savings
As annual and quarterly budgets come up for review, HOAs across the state are
looking to cut costs anywhere and everywhere they can. But how much more “fat” can be trimmed from budgets that already look stripped to the bone? Happily,
there are hidden savings to be found, if you know where to look and are willing
to make some changes here and there.
Read More
Squeeze Play Affects Condos and Lenders
Tighter lending requirements for Federal Housing Administration (FHA)-backed
condo mortgages have put financial and administrative pressure on HOAs all over
the country at a time when many are ill prepared for any new challenges.
Read More
Deciphering Your Building's Finances
Management of a condominium community is much like the democratic government of
a small town. The budget process is remarkably similar, whether it’s fees or taxes being collected, and, as in local government, financial
management is a transparent system based on Generally Accepted Accounting
Principles, or GAAP.
Read More
Stop, Thief!
Given recent headlines, condominium, cooperative and homeowner associations
could be forgiven for thinking they need to put an armed guard and razor wire
around the petty cash box. A wave of fraud appears to be hitting properties
from New York to Florida and beyond.
Read More
"Other-miniums"
The concept of "condominium living" has changed quite a bit since the term was
first coined a generation ago.
Read More
Cape May, New Jersey
Known for its quaint Victorian cottages and pristine beaches, Cape May, New
Jersey has been a seaside destination for generations. In fact, it is widely
recognized as the oldest seaside resort in the country. Wealthy Northeasterners
and several Presidents have summered here and the area is home to a rich
architectural and cultural history.
Read More
Q&A: Proper Notice of Meetings
“The board was advised by one of the owners that we must mail all the minutes of each directors' meeting to all the owners. Is this correct?” Read More
Q&A: Advisory Committees
“With the huge growth of condo and co-op units in New Jersey, it is long overdue for municipalities to form advisory committees to better serve those communities with input on the special needs of condo, co-op owners and renters. I know of only one community, Hackensack, that has such an advisory committee. Are there any others? And what are you thoughts as to the need for such Read More
Q&A: Board Rule Changer
“I am on our condo board. We have a problem with a previous condo board member who maintains that any rules (not bylaw changes) must be enforced by subsequent boards and can never be adjusted or changed. When the former board member left the board the last time, without any notice or discussion, she put through a bunch of rule changes just before leaving and now demands that future boards enforce all of them. The question: Is it true that New Jersey laws require current condo boards to enforce rules and regulations (not made part of a condominium's bylaws) set by a previous board, and at the same time prohibit future condo boards from ever modifying or reversing such rules, as this former board member asserts?” Read More
