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?
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.
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.
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.
We do not recommend handling mold by yourself. Hiring a professional mold remediation service to get rid of mold is the only way to ensure maximum safety. While there is no substitute for hiring cleaning professionals to handle mold inside your home, if you absolutely must do it yourself, be sure to wear goggles, gloves, and a HEPA face mask.
WHAT is an audit? The objective of an audit is to provide an opinion about whether the financial statements present information fairly, in all material respects, and in conformity with applicable reporting standards, e.g., Generally Accepted Accounting Principles (“GAAP”), or other accounting frameworks such as the cash basis.
OUT OF SIGHT, out of mind? Since most of your community piping is hidden behind walls, it’s all too easy to disregard the warning signs of a problem that could lead to a costly catastrophe.
Most associations have fiscal years that end 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 their internally generated year-end financial reports.
At COIT, we believe that indoor air quality is an important aspect of any healthy home and business and the CDC agrees especially because COVID viral particles spread between people more readily indoors than outdoors.
The King County Public Health Officer issued an order on September 16, 2021, effective October 25, 2021. The Local Health Order requires people ages 12 and older to show proof of COVID-19 vaccination or a recent negative test result to enter certain establishments and events, including but not limited to restaurants and bars, gyms, indoor recreational events or establishments, and outdoor events with 500 or more people. A question has arisen as to whether the order applies to gyms, restaurants, and meeting rooms within common interest communities. The text of the order is not clear on the scope of its application. It does not make any exception for members-only establishments. It does refer ambiguously in one place to “public” facilities.
