Roof Leak Costs = $1,002
Roof Repair Costs = $419
Roof Leak Costs = $2,220
Roof Repair Costs = $4,279
May 2019: 65% of 2019 budget for Maintenance-Homeowners is already spent.
Is your roof next?
Sources: Property Reports
Transaction by Account Reports
Thousands of dollars have already been spent repairing roofs and siding. A professional transition inspection would have assessed whether any construction defects existed through poor workmanship or defective materials.
We have received no acknowledgement, response, or explanation.
These Balance Sheets from 2018 are still not posted on the "official" HOA website.
The board must have full and separate control over the association’s reserve account(s), including the signatory control of bank accounts.
Associations should require two board signatures on all reserve checks, redemptions, or fund transfer requests. One of these signatures should be from an appropriate board officer (e.g., treasurer).
For operating cash accounts, associations should consider requiring two signers for all checks above a certain amount.
Though obtaining a second signature for checks on operating cash can be an inconvenience, associations should weigh the extra control and protection this procedure provides against any delays it may cause.
Associations must insist that the manager and/or employees are sufficiently bonded to cover all association funds reasonably at risk.
Associations should require 60 days notice prior to cancellations or nonrenewals of the management agent’s or the association’s bonds.
The management company contract should specify that kickbacks from contractors, employees, or others are not allowed.
Also, associations should establish in writing that any benefits, credits, discounts, or free services provided by a financial institution or contractor must benefit the association, not the management agent.
The board must ensure the safety of its financial systems and implement effective internal controls.
Protecting the finances of our association takes effort from board members and residents.
Mischaracterized expenses or income can skew your association's entire financial system.
Use the money from reserve fund contributions for common area projects and other large, unavoidable expenses. Don’t take from the operating fund, which is used for regular maintenance, vendor contracts, and similar expenses, unless you need to. If you do, it can unnecessarily enlarge assessments.