At the end of every calendar year, board members for community associations gather around conference tables, dining room tables, or tables in local libraries to have the unpopular and often dreaded discussion of how to explain to owners in their communities that their association monthly assessments are going to...
Financial
Published
An Audit of the Association’s Financial Records is Always Wise
When it comes to year-end financial obligations of associations, most boards are aware of general requirements, such as providing financial statements to the owners, finalizing a budget for the upcoming year, and completing a board-review of the association’s financial records. From time to time, boards may also opt for...
Published
Short Sales and Community Associations
Published
FHA Has Issued New Owner Occupancy Requirements for Condominiums
As explained in a recent Kaman Report, in July 2016, President Obama signed into law H.R. 3700, the “Housing Opportunity through Modernization Act of 2016.” This law allowed FHA 90 days to issue new regulations pertaining to the owner occupancy requirements when reviewing condominium associations for FHA certification. On...
Published
Budget Approval Motion NOT Needed at Owners’ Meeting
As community associations hold their annual meetings, boards should be reminded that for most associations, owners do NOT need to approve the treasurer’s report or annual budget. The majority of association Bylaws provide an outline for the annual meeting agenda, which includes approval of last year’s annual meeting minutes...