For most associations, their fiscal year ends on December 31. If an association does not obtain an independent audit by a Certified Public Accountant, it is perhaps more imperative that boards of directors pay close attention to the year-end financial reports.
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IF YOU’VE EXPERIENCED fire damage or smoke damage in your home or business, you may be wondering where to go for assistance and what to do next. Even a small fire can cause serious damage to a home or business. Flames, heat, smoke, and water used to put out the fire can have destructive effects on personal belongings as well as structures.
DO YOU KNOW WHO has access to your funds and what steps to take to protect your assets? Over the last couple of years, we have seen fraud and the attempt at fraud nearly double. Following are tips on how to be a good steward of association funds and fulfill your fiduciary duty.
BY NOW IT’S NO SECRET that most associations within Washington State are required to do annual reserve study updates, with a site visit performed by a reserve study professional every 3rd year. But did you know the ways that the site visit helps make your reserve study that much more useful? You might be surprised!
WATER DAMAGE IS one of the most frustrating and damaging events that can happen in your home or business. Water damage can result from a variety of different situations. Each situation is a little different and comes with different clean up procedures. No matter what caused the water damage, there are some routine procedures that you can follow until help arrives to prevent further damage.
WHEN WAS THE last time you felt like you received outstanding customer service? Try to think of an example. Was it a restaurant? Your mechanic? Your doctor or dentist? How about your church? What about your job? Should you expect great customer service at your job?
WHEN CONDOMINIUM BOARD MEMBERS & COMMUNITY ASSOCIATION MANAGERS move on, they often take vital institutional knowledge with them. That’s why it’s essential to keep a running record of maintenance incidents, including pipe leaks.
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?
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.
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.