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Overlooked Savings
As annual and quarterly budgets come up for review, associations are looking to cut additional costs anywhere and everywhere they can. But how much more “fat” can be trimmed from budgets? Surprisingly, there are a few unsung cost saving measures that associations may have overlooked – and with some innovative and cooperative changes, condominiums may still be able to pull some extra cost savings from their financial hats. Read More
Drafting a Budget in Uncertain Times
Even in the best of economic times, preparing a condominium's annual budget is a tiresome task, fraught with uncertainty, estimations and shifting numbers. Now, factor in one of the most challenging economic downturns in a century with cash-strapped owners who may be "skipping" monthly condo fees – or even winding up in foreclosure – and you have a downright daunting task. Read More
Greening for Savings
From your neighbor’s spiffy hybrid automobile to Leonardo DiCaprio’s “célèbre-green” status, it’s clear that increased attention to the environment is both vitally important and in vogue. It is also clear that there is huge savings potential in increasing energy efficiency. But what to do and how to do it is a little less clear. From basements to rooftops, here are a few ideas for bringing your building from light green to dark green. Read More
Squeeze Play
Tighter lending requirements for Federal Housing Administration (FHA)-backed mortgages for condos have put financial and administrative pressure on condos around New England at a time when many are ill prepared for any new challenges. The most onerous of the new requirements are mandated reserve fund contributions, a 15 percent limit on condo fees delinquencies, and the specification that the condominium itself obtain FHA approval – this resulting in reams of additional paperwork for community associations. Read More
How Low Can You Go?
Bad economic news is pretty much inescapable these days. You can’t turn on the TV without hearing about another round of layoffs or shaky consumer confidence. The stock market is unstable, retirement funds are shedding value, the housing market has slipped into reverse and uncertainty is hanging in the air. Read More
Federal Form 1120-H, 990 or 1120?
For the uninitiated, tax filing for something as complicated as a community association can seem more than daunting. Fortunately, there are multiple options for homeowners associations, and with a little background knowledge, you can take the first steps toward making the right choice for your particular situation. Read More
Understanding Your Condo's Finances
Management of a condominium community is much like democratic government in a small town or village. 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 “GAAP” (generally accepted accounting principles). Read More
Selling the Increase
When these decisions have to be made, boards must consider the best way to include residents in their thought process. And when the board of trustees comes to the conclusion that fees must be raised, hopefully they’ll announce it in a manner that will create the least amount of angst and worry for the dozens, if not hundreds, of families that will be affected. Read More
Behind in Reserves
The Harbor Towers, a pair of 40-story residential buildings designed in part by noted architect I.M. Pei, offer some of the most exquisite views of the Boston harborfront and skyline. Once out of place in what was a district of warehouses and parking lots, Harbor Towers, located between the New England Aquarium and Rowe’s Wharf, has become one of the city’s more prestigious residences Read More
A Rash of Thefts
Given recent headlines, condo 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 condominiums from New England to Florida and beyond. Read More
