Over the last 35+ years our clients have asked us numerous questions to help them navigate the financial complexities of their communities. Of course, some questions come up more often than others so for your ease of reference we have compiled the top 10 FAQs. Feel free to scroll down and click on any that might pertain to your Association and reach out to us if you would like to discuss further.
Top 10 Frequently Asked Questions
1. Is my information safe in this virtual environment?
In our current environment where everything is being done remotely worrying about cybersecurity is only natural. Read this article for tips to safeguard your Association’s sensitive data.
2. How do we compare to other communities of our size?
One of the most common questions we get is what do our neighbors pay? Click to read more and see how you compare.
3. Why do our maintenance fees continue to increase?
Read this blog for some insight as to why your maintenance fees might be increasing every year.
4. What expenses qualify to be exempt from sales tax?
Are you having a project done and don’t know whether you should be paying sales tax or not? Read this article to understand more.
5. What can be charged to the replacement fund?
Read this article to answer the question of why funds are set aside in the replacement fund every year and what they can and can not be used for.
6. What are the interfund balances on the balance sheet and how do we eliminate them?
Curious as to what makes up the interfund balance line on your audited financial statements? Find out here.
7. We receive monthly reports from management – what do they mean?
Sometimes it is hard to read the monthly financial management report and pick out the important and relevant information in there. This article will help you understand the reports in a more meaningful way and what areas the Board should focus on.
8. What is the deferred maintenance fund really used for?
What can be the deferred maintenance fund be used for? Read more here.
9. Does having a large operating surplus create additional exposure for the Association?
Have recent closures of common elements within your Association resulted in unanticipated operating surpluses? More and more we are getting this question with pools and clubhouses being closed for an extended period of time. Click to read more about how to manage your Association’s operating surplus.
10. My Association needs a loan – now what?
Associations are finding that they do not have the adequate funds to undertake a major project and are turning to loans to assist. Obtaining a loan can be a daunting task. Read this article to learn more about loans and major projects.
