Onsite Property Manager

[ Job Bank ]

Onsite Property Manager

Company Name: 700 Crockett Place Condo Association
Position Title: Onsite Property Manager
Job Location: Queen Anne, South Lake Union
Status: Part Time
Experience Level: Management
Salary Range: $20K to 30K depending on experience
Special Requirements: Must understand the maintenance of a condo building and have good people skills
Contact Name: Dianne Knapp
Contact Email: dianneknapp40@gmail.com

Job Details:

700 Crockett Place Condo Association is looking for an Onsite Property Manger. A 2-bedroom condo is available as compensation for an Onsite Manager. 1-car parking garage is included.

Job Responsibilities & Requirements:
  • Construction and/or handyman skills are a must.
  • Get bids and supervise contractors for maintenance of a 21 unit condo building.
  • Manager will live onsite and is responsible for keeping the property clean, answering emergency calls, making sure the security systems are working and making the evening rounds to make sure the doors and garages are secure.
  • Hand out keys to temporary workers, orient new owners or contractors working inside units.
  • Some light ongoing maintenance is required like changing light bulbs, changing batteries in cameras, etc.
  • Report to and assist the Board of Directors when needed.
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Why Do I Need A Snow & Ice Contract In Puget Sound?

Why Do I Need A Snow & Ice Contract In Puget Sound?

[ Blog/News ]

Why Do I Need A Snow & Ice Contract In Puget Sound?

Many HOA and condo boards ask themselves every year if they need a snow contract? After all this is Seattle, it will melt off by noon. Let’s look at a few issues before deciding. There are 1 million slip and fall claims every year, in the US. The average slip and fall claim is $48,000. What is your association liable for? Are you insured for this?

Liability Control

As a property owner or community association manager, including the board, you are obligated to provide “reasonable care” in providing a safe environment for your homeowners and tenants. Look at your common areas. Do you have steep hills? Lots of stairs? Are your sidewalks flat? Think about the age ranges of your homeowners. Can your elderly population get safely to their car, and out to the public streets? If you decide not to address this, are the board members liable if there is a slip and fall? We live in a very litigious society these days.

Liability control will give you the upper hand in defending lawsuits and will give you the opportunity to decrease insurance costs associated with your facilities.

Slip & Fall Injuries

Slip and fall injuries are extremely common in and around common areas:

  • The national safety council estimates that approximately 8.9 million trips are made to emergency rooms annually from slips, trips and falls.
  • Secondly, they report that slip and trip falls resulted in 25,000 deaths in 2009 and is listed as the second leading cause of accidental death.
  • Slip and falls can lead to increased insurance premiums or cancellations of policies.
  • Slip and falls can result in lost sales and damage to the stores bottom line.
  • Slip and falls can also lead to the loss of key employees during critical industry time frames.
Custom Risk Management Plans

Be sure to have a strategic risk management plan in place. As each association is different, customization is important. End Of Article

By Transblue

By Transblue

Chapter Happenings Sponsor, August 2022

Transblue has created a 150-point check list that once in place will allow you to view your assets from the point of “liability control.” Reach out if you’re interested.
Visit us online: transblue.com
Call: (425) 658-0098

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Tips To Help Avoid HOA Fraud

Tips To Help Avoid HOA Fraud

[ Blog/News ]

Tips To Help Avoid HOA Fraud

Community associations and their management companies are not immune from online and email fraud attempts and scams. The good news: There are steps you can take to help avoid common fraud tactics and better protect yourself and your communities. We’ve compiled some scams to watch for and tips to help avoid them.

Unfortunately, fraud is a reality – and many communities and homeowners associations (HOAs) experience scam attempts firsthand. The good news is that by learning more about common fraud tactics and steps you can take to avoid them and staying vigilant, we can better protect ourselves and our communities.

Three Common Scam Examples

[1] Phishing

Phishing is a prevalent scam that involves fraudulent communications designed to trick people into divulging personal or business financial information

[2] Email Account Compromise (EAC)

Email account compromise (EAC) scams target commercial customers’ personal accounts, especially those who conduct large transactions.

[3]Business Email Compromise (BEC)

Business email compromise (BEC) can be linked to other types of fraud, including lottery, employment and rental scams
Key Steps To Avoid Phishing, EAC and BEC Scams
Here are eight steps that can play an important role in keeping your associations safe.
  1. Install anti-virus protection.
  2. Create – and use – secure passwords.
  3. Limit access to sensitive data.
  4. Sign up for fraudulent activity alert notifications.
  5. Enable two-factor authentication.
  6. Use a secured network.
  7. Pay close attention to website URLs to avoid suspicious sites.
  8. Avoid unknown links or requests sent via email or text.
Protecting Electronic Transfers
While transferring funds electronically can streamline transactions, fraudsters may attempt to order wire transfers via illegitimate emails, phone calls or texts. They may even refer to specific individuals or business functions – sometimes sending such emails late in the day, just before a holiday or weekend or when the purported sender is out of the office – to create a sense of urgency. The best way to keep your electronic transactions safe is to check the authenticity of all requests before performing any wire transfers. And for any wire request, it’s a good idea to trust your instincts; if something doesn’t feel right, the request may not be legitimate. If you’re looking for more information on current fraud issues, visit the Federal Trade Commission’s website for free online security tips at http://onguardonline.govEnd Of Article

The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the views of CIT, a division of First Citizens Bank. For any matters concerning your specific needs and objective, you should seek the professional advice of your own independent legal counsel, insurance advisors or other consultants.

By Kris Gjylameti

By Kris Gjylameti

CIT, A Division of First Citizens Bank — Chapter Happenings Sponsor, August 2022

As a leader in the industry, our Community Association Banking Team provides individualized service, award-winning technology, smart savings solutions and operational efficiency to help community association management companies best serve their homeowner associations and their residents

Visit us online: www.cit.com/commercial/solutions/community-association-banking
Call: (206) 650-1368

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Assistant Site Manager

[ Job Bank ]

Assistant Site Manager

Company Name: HOA Community Solutions
Company Website: www.hoacommunitysolutions.com
Position Title: Assistant Site Manager
Job Location: Gig Harbor, WA
Status: Full Time
Experience Level: Entry Level
Salary Range: $52,000 with growth potential to $63,000 within one year
Special Requirements: CMCA or equivalent experience preferred
Contact Name: Janet Biggs
Contact Email: janet@hoacommunitysolutions.com

Job Details:

The Assistant Site Manager is a growth-oriented position with a premier, large-scale property. The Assistant Site manager is an on-site position and is responsible for coordinating and maintaining homeowner relationships, overall positive community relations and assisting with the day-to-day operations management. The successful candidate must be detail oriented and have strong emotional intelligence and leadership skills.

Responsibilities:

The Assistant Site Manager reports to the Site Manager and Senior Manager and performs the following duties:

  • Maintain consistent contact with all Board members regarding association business and important matters to affect a timely response. Inform Board of all appropriate Committee comments, requests, suggestions, or complaints from owners.
  • Collect and process homeowner assessments. Make daily bank deposits of checks received. Use credit card payment system to process card payments.
  • Assist association residents with questions, comments and concerns.
  • Maintain good rapport with property owners, responding promptly to their requests.
  • Maintain accurate record of RV lot spaces and assignments. Update billing department when changes are made. Process new RV agreements and key deposits.
  • Assist new owners with access to the Gate security and guest entry software, supply with copies of Community Rules and Policies and issue remote access tags for the gate.
  • Assist with sourcing vendors and placing service orders with vendors/contractors.
  • Handle telephone calls/requests and emails that are received onsite.
  • Receive reports of rules violations and maintenance items needing attention and issue appropriate letters/fines in accordance with policy when indicated.
  • Assist with the coordination of visits, inspections and appointments with vendors and contractors.
  • Communicate with security officers and assist in the development of monitoring processes to ensure compliance with post orders.
  • Assist in developing preventative maintenance schedules and needs to be used for budgeting and prioritizing expenditures.
  • File association documents and keep accurate records, as well as maintaining the official records for the association.
  • Update Association website weekly with meeting minutes, other documents and add new owners to resident directory.
  • Act as liaison between the ACC Committee and residents. Receive and review ACC Applications for completeness. Prepare agendas for ACC Committee meetings. Attend all ACC Committee meetings as well as occasional site visits with the committee when indicated. Prepare all correspondence between the committee and homeowners. Keep complete and accurate records of all ACC correspondence with homeowners.
  • Assist in preparation of meeting notices, memos, other correspondence & mailings, meeting packets, and community newsletters and updates.
  • Coordinate Annual Meeting details to ensure a successful meeting.
  • Attend committee meetings and provide status reports to board and Site Manager.
  • Inventory and order supplies for HOA on-site office.
  • Respond promptly to security issues on properties.
  • Perform miscellaneous job-related duties as assigned that include assistance with administrative management issues and policies including administrative projects and tasks as assigned by the Site Manager.
General Information, Qualifications & Requirements

The Assistant Site Manager must have good organizational skills and be able to juggle multiple priorities. A strong understanding of community management is needed and additional training courses may be required in the management field. Prospective Assistant Site Managers should have a experience in the HOA industry. A college degree and/or industry designation such as CMCA (Certified Manager of Community Associations) or a state equivalent certification are a plus.

  • Must exhibit a professional demeanor at all times.
  • Effective communications (oral, written or otherwise) skills.
  • Ability to work under deadlines and consistently meet deadlines.
  • Demonstrate organizational skills and ability to work independently and prioritize daily workload.
  • Demonstrate problem-solving abilities.
  • Must be proficient with the Microsoft Office Suite
  • This position will require the successful candidate to be in the office 5-days a week.
  • Professional business attire is required.
  • Occasional extended hours or evening hours may be required for meetings and special events.
  • Salary dependent upon experience.
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Preparing Your Community Associations

Preparing Your Community Associations

[ Blog/News ]

Preparing Your Community Associations

There are many laws and regulations in Washington State that community associations should be aware of and prepared to address. Common area safety and electric vehicle charging are two examples that we elaborate on below.

Common Area Safety Responsibility

One of the most expensive lawsuits an association can face is one related to a slip and fall. Reports state that there are over 1 million slip and falls in the United States each year relating to slippery or icy conditions during inclement weather. The average cost of a slip and fall is $48,000.

Every homeowner’s association or condominium complex has the responsibility to ensure that the common areas are safe for all owners and tenants. What that means is if there is moisture in the air or on the ground and freezing temperatures, there is a chance that someone may fall due to slippery conditions.

If someone falls due to the neglect of the association, then they have opened themselves up to legal action from the damaged party. Having a snow and ice mitigation plan in place is crucial to properly managing an owner’s association.

New Legislation On EV Charging

There is a lot of uncertainty ahead for homeowner’s associations and condominium complexes in regard to the legislation around electric vehicle charging stations. We are entering a new world where owners are responsible for the costs of installation and associations are responsible for the cost of infrastructure.

Electric vehicle charging stations will be a requirement for all associations in Washington State. It’s not a matter of if, it’s a matter of when. End Of Article

By Transblue

By Transblue

Chapter Happenings Sponsor, July 2022

  • At Transblue we provide consultations to homeowner’s associations free of charge to help them create plans that are cost-effective but yet help reduce liability during inclement weather.
  • If you would like a free consultation in regards to EV Charging stations, please reach out and schedule one today for you or your board of directors. 

Visit us online: transblue.com
Call: (425) 658-0098

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Managing Rising Construction Costs For Your Upcoming Projects

Managing Rising Construction Costs For Your Upcoming Projects

[ Blog/News ]

Managing Rising Construction Costs For Your Upcoming Projects

Everyone is experiencing higher costs of fuel, food and other necessary, everyday items. You’ve done all the right things including setting aside funds for current and future projects, but prices are coming in higher than expected. What are your options and what steps can you take to mitigate rising construction costs?

First, prioritize upcoming projects. Anything involving potential life safety issues will need to be addressed as soon as possible. Unfortunately, you cannot change today’s costs, but you can impact when and if large expenditures hit your bank account. The way to maintain this control is by inspecting your association’s common areas for damage or deterioration that could lead to larger projects if left too long. 

The main cause of damage is water getting in places where it doesn’t belong. Visual inspections and repair of the following areas will help tremendously in minimizing expensive, larger projects in the future:

Roof

  • Loose or missing shingles
  • Keep roofs clear of debris and moss including drains, scuppers, collector heads, gutters and downspouts.
  • Sagging gutters and unattached downspouts
  • Gaps in the flashing around the chimney, kickout flashings, vents, vent pipe boots need to be watertight
  • Crumbling or flaking of the surface of brickwork as well as loose, crumbling mortar.

Attic

  • Signs of water damage/leak
  • Presence of mold without a leak (improper ventilation)
  • Holes or cracks where rodents might enter
  • Rodent “bridges” = trees overhanging the building

Siding & Foundation

  • Loose siding or siding that does not have correct joint protection such as caulking or flashing
  • Rotted wood siding: look for woodpecker holes, impact from blown debris, and normal wear and tear from age / weather.
  • Cracks and gaps in foundation and siding.

Doors & Windows

  • Worn weatherstripping, door sweeps, or caulking around doors, garage doors, and windows
  • Signs of water damage on the interior of windows and doors.

Exterior Decks & Railings

  • Do not ignore staining in deck soffits or coming from behind siding
  • Deck coatings pealing or soft spots in deck, especially around scuppers and gutters
  • Cracked concrete steps and /or loose railing connections
  • Decay at base of stair stringers

Plumbing

  • Discoloration around water supply hoses
  • Cracks in supply hoses
  • Water damage around the base of a toilet

 Contact your association management company or preferred contractor to assist with these inspections and repairs now to maintain your property and reduce future expenses. End Of Article

By McLeod Construction

By McLeod Construction

Chapter Happenings Sponsor, July 2022

Visit us online: www.mcleodconstruction.com
Call: (206) 545-7837

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Pre-Budget:Using Your Financial Statements

Pre-Budget:Using Your Financial Statements

[ Blog/News ]

Pre-Budget:Using Your Financial Statements

Pre-Budget Thoughts For Boards And Managers

Everyone seems to dread the annual association budget process. It can be time consuming. Decisions related to assessment increases are sensitive. Costs are increasing. How do boards squeeze more or even the same services from static or only slightly increased assessments?

Pre-Budgeting What Can Managers & Boards Do To Prepare For Budget Season?

The budget planning process requires data. Where do you get it from? What will you do with the information? We always say that the budget process should not feel like it starts 4-5 months before the new year commences. The collection of information should be continuous. Maintain a physical or digital file with every monthly financial statement, the general ledger for the year, rolling income and expense trend reports, vendor contracts, access to paid vendor invoices. Review utility company websites for indications of rate changes together with understanding monthly usage rates. Maintain board meeting minutes that you can refer to. Is there a community to-do list? Are there notes from community walks. Keep the documentation updated continuously. Do not wait until you start the budget process to collect the information you will need. You really need to enter the budget building period with most information at your fingertips.

Revenues:

  • Assessments: The budget process will focus on determining operating fund expenses and contributions to reserves. The outcome of the expenses and contributions calculation is the assessment value.
  • Other Revenues: Be careful not to over-budget for contingent revenues that occur based on something happening. Examples include delinquent owner account interest, late fees. If you have well-documented other income sources such as clubhouse rentals, laundry facilities, cell tower lease income, take care to err on the side of being conservative with your estimates. Review historical trends. Review any agreements for time period and amounts to be received.

Operating Expenses

Know the expense trends. Know the condition of the common community components. What are vendors telling you about the repair or replacement needs for the association – keep and save notes with price estimates. Talk with vendors continuously about cost control. Know who to ask, and where to look for information – both historical and prospective.

Contributions To Reserves

If associations do not contribute assessments to the reserves fund, the association will be underfunded, and potentially be unable to pay for reserves components major repairs and/or replacements. In other words, maintenance will be deferred, and future costs will probably be higher. End Of Article

By Newman CPA

By Newman CPA

Chapter Happenings Sponsor, May 2022

By: Jeremy Newman CPA. Newman Certified Public Accountant PC.

Visit us online: www.hoacpa.com

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Backpack & School Supplies Drive

Backpack & School Supplies Drive

[ Community Outreach Committee]

Backpack & School Supplies Drive

Benefitting Mercy Housing Northwest

Backpack & School Supplies Drive - Benefitting Mercy Housing NW - Mobile Image

School Supplies Needed!

WSCAI Community Outreach Committee‘s Backpack & School Supplies Drive is back, running through WSCAI’s Annual Golf Tournament on Monday, July 25, 2022.

All children deserve the opportunity to succeed in school. Many families living at Mercy Housing Northwest (MHNW) do not have the resources to meet these needs. As back-to-school time approaches, parents face the challenge of stretching their budget for school supplies. WSCAI’s Community Outreach Committee wants to provide backpacks and school supplies to MHNW’s youth residents. 

With your help, we can ensure that students have a fresh start to the 2022-2023 school year! 

Supplies Needed:

  • Filler paper – Wide Rule
  • Filler paper – College Rule *
  • Crayola Markers – Bold Tip
  • Spiral notebooks – College Rule *
  • Highlighters
  • 12-Count Crayola Colored Pencils *
  • Composition Notebooks – College Rule *
  • Pink Eraser
  • 24-Count Crayola Crayon
  • Pencil Boxes & Pouches
  • Glue Sticks
  • Spiral Notebooks -Wide Rule
  • Blunt Tip Scissors
  • Blue, Black & Red Ink Pens

Note: Due to previous donations, MHNW has been able to obtain backpacks. Their focus this year is on school supplies.

* = Highest Need/Priority

To Donate:

Annual Golf Tournament participants can either purchase goods and bring them to the event on July 25th, or complete a purchase via the Amazon Wishlist by July 25th. Anyone can donate even if they are not participating in the Annual Golf Tournament by ordering throught the Amazon Wishlist.

Please mail/ship your supplies donations to Jackki Vo at:

CWD Group, Inc., AAMC
Attn: Jackki Vo
2800 Thorndyke Ave W
Seattle, WA 98199-2934

All donations are tax deductible:
MHNW Tax ID: 91-1546525

Please contact Jackki Vo with questions at: Jackki@cwdgroup.com

Donation deadline is Monday, July 25, 2022

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Four Reserve Rules

Four Reserve Rules

[ Blog/News ]

Four Reserve Rules

There are four rules of reserves that associations should know. Our company has pioneered foundational concepts & principles and provided extensive educational materials to the industry for over 35 years, but all can be distilled down to the rules below as the heart of planning for reserve projects at your association. Fundamental education is key to all of our success, as board members and professionals come and go over time.

Four Reserve Rules - Graphic For May 2022 Chapter Happenings Sponsor Blog Post

Four Reserve Rules:

[1] Expenses Are Inevitable

The large expenses you will see in a reserve study – think roof, paint, decks, roadway – are very real and predictable, deteriorating in plain sight every day and therefore should never be a surprise.

[2] The Board Is Responsible

Boards have a legal duty to act in good faith, in the best interests of the association, proceeding with reasonable inquiry. Owners, which include board members of course, have a vested interest in achieving both maximum resale value and community harmony.

[3] Delays Usually Get Expensive

When projects are deferred or ignored it usually winds up costing a lot more due to additional scope of work and / or emergency related costs.

[4] Homeowners Always Get Stuck Paying The Bills

At the end of the day when these inevitable expenses arise, and the bills need to be paid, it is the owners that are responsible to pay the bills. There is no rich uncle or bailout. If not planned well, there is often significant additional costs related to borrowing, and administration of a Special Assessment.

What To Expect From Your Reserve Study?

These three results, regardless of the provider:

RS Three (3) Key Results
Its All About Measuring Risk & Creating A Plan…
"RS Three Key Results - It's All About Measuring Risk and creating a plan...." Reserve Study Results & National Special Assessment Risk Graph - Blog Graphic For "Four Reserve Rules" - May 2022 Chapter Happenings Sponsor Blog Post

We appear to be in for some challenging financial times ahead.. See last month’s blog post for key inflation data relating to your reserve planning.

If you’re new to the industry, an association board or simply brushing up on foundational information and skills, see HERE for our 2022 Reserve Study Basics webinar. This 35 minute webinar will provide an excellent foundational overview of reserve planning and the various roles within it. End Of Article

By Association Reserves WA

By Association Reserves WA

Chapter Happenings Sponsor, May 2022

Written By Jim Talaga, R.S.

Visit us online: www.reservestudy.com
Call: (253) 661-5437

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Efficient Audits

Efficient Audits

[ Blog/News ]

Efficient Audits

Associations with December 31st year ends make up a large share of annual audits. There is often intense pressure on managers, accounting departments and audit firms to complete accurate and complete audits in a timely fashion. Completing an efficient audit requires strong communication and sharing of information.

Signed Engagement Letter

CPA audit engagement letters should be approved by the Board for all audits. Signing the contract well before the association’s year end will provide more time for the CPA to plan and prepare for the audit, and more time for the client to assemble supporting reports and documents.

Documents & Reports Needed For An Audit

A lot of documents and reports are common for most associations; however additional information will be needed as circumstances dictate.

 

Typical Information & Documents Include:
  1. Governing documents
  2. Prior year audit and tax return
  3. Communication with the previous auditor as applicable
  4. Reserve study
  5. Budget
  6. Board meeting minutes
  7. Correspondence with the Association’s legal counsel
  8. Shared cost agreements
  9. Cost center details
  10. Correspondence with governmental agencies
  11. Special assessment information
  12. Loan agreements.
An Association’s Accounting Department Generally Provide The Following Reports & Access To Information:
  1. Year-end financial reports:

    • Balance sheet
    • Statement of revenue and expenses (often referred to as budget variance reports)
    • Bank statements and bank account reconciliations
    • Aged receivables and prepaid assessments report
  2. General ledger
  3. Check register
  4. Financial reports for the periods after the year end date.
  5. Access to paid and unpaid invoices
Accrual Versus Non-Accrual

Presenting audited financial statements in accordance with U.S. Generally Accepted Accounting Principles often requires auditors to record certain adjustments to the financial reports prepared by a management company. Management companies prepare monthly financial reports using the cash basis of accounting, modified accrual basis, or the accrual basis.

Under the cash basis of accounting, income reflects money received and expenses represent money spent. Assessments receivable and accounts payable are not presented on the balance sheet. As part of the audit, the CPA proposes adjusting journal entries including recording a bad debt allowance and any amounts payable to vendors for unpaid invoices.

Modified accrual basis accounting generally records assessment revenue when assessments are billed (accrual basis). Expenses are generally accounted for on the cash basis (as above).

Using the accrual basis, financial reports include assessment income when billed, and expenses using invoice dates rather than payment dates.

Completeness Of Records For The Audit

Often, the success of an audit can be measured by the completeness, accuracy, and timeliness of the audit and audited financial statements. Efficiency requires full, complete and timely access to accounting records and documentation.

Cash!

Cash is one of the most critical audit areas. Cash, meaning all petty cash, bank accounts, and investment accounts. Together with the general ledger, bank and investment account statements can act as a roadmap of an association’s financial activity.

For accounts where statements are not provided by the banking institution, an auditor will generally require an independent confirmation of the account balances as of the year end date. In terms of efficiency, this situation is often one of the main hurdles to completing audits on time.

CPA’s can verify account balances in various ways. The most common method is to transmit an account confirmation/verification form to the banking institution. Banks require confirmations to be signed by an authorized signer on the account.

It is imperative that signature cards are updated whenever signers change. Excessive time can be spent transmitting the confirmation forms to the board, waiting for a signature, sending the form to the bank, then waiting for a response from the bank.

Many times, audits are nearly complete, but cannot be released until the banking institution returns a signed completed confirmation to the auditor.

Representation Letter & Final Audit

Upon completion of the draft audited financial statements, the board reviews the audit report together with a representation letter. The client representation letter confirms management’s and the board’s representations, oral or implied, during the audit, and upon signature, the auditor will release the final audit report for distribution. End Of Article

By Newman CPA

By Newman CPA

Chapter Happenings Sponsor, May 2022

By: Jeremy Newman CPA. Newman Certified Public Accountant PC.

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Reserves & Inflation

Reserves & Inflation

[ Blog/News ]

Reserves & Inflation

Inflation Effects On Reserve Components are a Really Big Deal

The Consumer Price Index is at a 40-year high of ~ 7% as of this writing. As we all know, that’s a big deal. Our data and research show inflation of the goods and services relating to the typical association reserve components (roof, paint, siding, windows, decks..) to have been compounding ~25% annually since 2020 – that’s a Really Big Deal.

How Does This Inflation Correlate To The Increase In Reserve Contributions Necessary To Keep Up?

Our testing of twenty recently completed jobs indicates movement of 1% increase or reduction in inflation results in an average 22% change needed in the reserve contribution rate. See below:

Effects Of Inflation On Reserve Funding Plan:

Job NumberInflationContribution Rate

Contribution Rate
(-1 Inflation)

Contribution Rate
(+1 Inflation)

Total Difference

+/- Spread
(Percentage)

Original
110165 - 9c3.00%$10,000$8,170$12,350$4,18020.90%
210190 - 5a3.00%$2,480$2,040$3,025$98510.86%
310368 - 12a3.00%$9,250$7,330$11,600$4,27023.08%
410493 - 11a3.00%$7,910$6,200$10,080$3,88024.53%
511025 - 10a3.00%$6,220$4,930$7,855$2,92523.51%
611300 - 13c3.00%$11,200$8,900$13, 700$4,80021.43%
711690 - 9a3.00%$11,300$9,030$14,140$5,11022.61%
811806 - 10a3.00%$7,600$6,250$9,255$3,00519.77%
912338 - 14a3.00%$5,370$4,260$6,745$2,48523.14%
1012917 - 8a3.00%$6,590$5,300$8,400$3,10023.52%
1112963 - 11a3.00%$11,100$9,060$13,630$4,57020.59%
1213515 - 3a3.00%$9,150$7,380$11,320$3,94021.53%
1314004 - 0b3.00%$18,500$14,920$23,000$8,08021.84%
1414287 -10a3.00%$6,830$5,480$8,520$3,04022.25%
1514289 - 9a3.00%17,100$13,600$21,370$7,77022.72%
1614306 - 3d3.00%$6,100$4,960$7,510$2,55020.90%
1714441 - 10b3.00%$7,640$6,170$9,450$3,28022.47%
1814700 - 1a3.00%$13,720$11,060$17,100$6,04022.01%
1914896 - 10b3.00%$12,910$10,070$16,540$6,47025.06%
2015363 - 13a3.00%$8,580$6,990$10,560$3,57020.80%
Total22.08%

What Are Your Options?
  1. Ignoring the effects of interest and inflation is NOT an option.
  2. Using the software included with your reserve study, test inflating your largest expenses projected the next few years in 25% increments. Note the effect on percent funded and necessary increase in contributions. Communicate your “what-if” results to the membership and craft a plan.
  3. If you don’t think you’ll have sufficient reserves or cash flow to complete some or all of those projects in a timely manner, it may be necessary to carefully prioritize and reschedule. Here is a webinar addressing the topic in detail: Tight Budgets, Tough Choices!  Your priorities should start with any potential life-safety issues, and protection of the building envelopes. End Of Article
By Association Reserves WA

By Association Reserves WA

Chapter Happenings Sponsor, April 2022

Written By Jim Talaga, R.S.

Visit us online: www.reservestudy.com
Call: (253) 661-5437

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