Condominium & Home Owners Association: HOA Money Management (Assessments, Reserves & Other Funding)
Money can be one of the most challenging matters for condo and HOA association members, boards and others. Members often times question and or challenge the association acquisition, management, allocation and distribution of association funds. Issues can include determination of amounts to collect from owners / members, amounts to spend on maintenance and or repairs, and amounts to allocate in the HOA or condo association reserves for certain purposes and projects. Your association needs to identify and address same and also the purposes of reserve funds, and making sure that by-laws and state law requirements for reserves are met. Another factor is reserve funds and money management, making sure to satisfy fiduciary duties owed by serving board managing members. HOA and condo association board members and others handling matters also need to assess and address utilization of budgeted contributions versus one-time special assessments versus loans. HOA best practices, when it comes to finances, are critical and your team of trusted advisors can assist you with same.
DiMEDIO LAW clients include condo associations, HOA’s as well as individual members. We utilize over 30 years of experience as to condominium associations and HOA entities to include entity formation and management as well as updating dated covenants, bylaws and other operational documents. Reach out to us via email at [email protected] or call anytime 856-428-5577. We look forward to working with you.