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Financing major restoration projects.
As time passes, and community associations continue to age, their upkeep becomes more and more complicated for the unit owners, the board, and the management company. There will come a time when some community associations may need to consider financing major restoration projects. Even the best maintained properties cannot avoid problems associated with escalating repair costs or unexpected repair needs, which can often result in reserve deficiencies.
Hurricane season disaster planning tips for community associations.
June 1 marked the start of the hurricane season and a lot of condominium, homeowner and co-op associations have noticed that their preparedness needs have changed drastically due to several factors, from changing weather patterns to labor shortages and repair cost surges. Staying up to date on hurricane season disaster planning helps prevent repair costs from escalating to a point where the financial impact is detrimental to unit owners and their resilience is jeopardized.
Is a Loan the Answer? To borrow or not to borrow? That is the question!
Condominium and homeowner association properties are aging. Even the best maintained property cannot avoid this process. Professional managers and directors with fiduciary responsibilities face an era of serious decision making to maintain property values. The following information provides an overview of the financial tools available to facilitate property repairs and replacements.
Future of Banking: Internet Security and Fraud Mitigation
When it comes to cybersecurity and the inherent risks associated with internet and mobile banking, the future is already here. The Association for Financial Professionals conducted its 2017 annual Payments Fraud and Control Survey and found payment fraud and data breaches are increasing.
Emergency Funds: Saving for a True Rainy Day
When unexpected repairs are needed or weather-related disasters strike a community, often associations are left trying to fund projects that require immediate attention.
Creative Banking: Not an Oxymoron at Woodlake HOA
A major goal for the bankers of the nation is to throw off the stigma of being uncreative “by the book” bureaucratic middle managers and show themselves to be real “players” when it comes to problem solving in the community association industry.
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