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Smart Financial Planning
Smart Financial Planning
Sep 25, 2017Safeguarding an association’s operating and reserve funds is one of the main fiduciary duties of all board members, not just the treasurer. This means that boards must protect the financial interests of the association and its members by making sure all funds are properly managed, invested and protected.
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Understanding Community Association Reserves and Reserve Studies
Understanding Community Association Reserves and Reserve Studies
Sep 12, 2017One of the most important responsibilities your community's board of directors faces is effectively planning for major common-area repairs and replacements. Whether a costly expenditure is needed in a few years or not for 20, it’s the board’s fiduciary duty to make sure your community association has adequate funds when the time comes. That’s where reserve funds come into play. -
Association Budgets: Mapping Out Your Strategic Plan
Association Budgets: Mapping Out Your Strategic Plan
Jul 25, 2017Dive into the details of creating a strategic plan for your homeowners association. -
Cartoon graphic of clipboard and documents with words, Uncover the secrets to establishing an annual budget and sound financial planning
Association Budgets: Things to Consider When Creating Your Association’s Budget
Jul 24, 2017As a homeowner, you want to live in a place that accentuates your style – from a beautiful entrance monument or exquisitely decorated building lobby, complete with freshly pruned trees and lush landscaping – but unless your association board has strategically planned out your community’s budget, you can forget all of that. The budgeting process is a valuable opportunity to explore the current financial condition of your association and ensure its financial stability for the future. -
Clipboard with graphs and a 3-D bubble on top
Association Budgets: Creating a Road Map to Success
Jul 19, 2017It’s budget season! Are you stressed? Concerned about a potential dues increase or large capital project looming in the future? The word ‘budget’ can be scary, so thinking about creating next year’s budget is daunting for many homeowner boards. We’d like to change that. -
Community association members sitting at a cluttered desk and loosely conversing
10 Meeting Myths in Community Associations
Jul 18, 2017There are several reasons why you might be having trouble. Let's dispel some common meeting myths and explore what it takes to run a good one. -
Female HOA board member smiling, leading a meeting with various people sitting at a table in suits
Board Basics: Defining Residents’ Rights and Responsibilities Creates a Happy Community
May 11, 2017When it comes to community living, a little bit of knowledge can pay off in a big way. When residents are fully informed about their rights and responsibilities and what they can expect from their homeowners association – including what they’re expected to contribute – it can go a long way towards creating an HOA community that is friendly, efficient, serene and yes, even happy. -
Close up of business man's hand pointing to graphs displayed on a tablet, while sitting at a desk in an office with another businessman
HOA Audit & Reviews: The Differences, Requirements & Responsibilities
Mar 20, 2017Is your association considering a financial audit or review, but aren’t sure how or where to begin? Michael Mullen, of Michael P. Mullen, CPA, explains the difference between the two, outlines the legal requirements per the Minnesota Common Interest Ownership Act (MCIOA) and clarifies the responsibilities between a property management company and a Board. -
Artistic image of living room under water
Drainage Problems Your Community May Face
Feb 09, 2017Before we know it, spring will be here and with that can come a fast melt from Minnesota’s winter months. Melting snow and spring showers bring excess water and that may lead to drainage issue in your community association. -
Community Insurance - Four Key Points You Should Know
Community Insurance - Four Key Points You Should Know
Feb 06, 2017It’s crucial that Minnesota community association Boards have a clear understanding of the community insurance policy in place at their association. All associations will have different requirements for their homeowner association insurance coverage as laid out in their bylaws and declarations, and Board members have a fiduciary responsibility to protect the best interest of their HOA and its owners. In addition to this upholding duty, associations are also under pressure to find the least expensive homeowner association insurance options available. But there is a caveat – like most things, community insurance is a buyer beware situation – not all policies are created equal, and if you overlook certain types of coverage, it could end up costing the association more than anticipated.