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Preparing Your Community Associations

Jul 1, 2022 | Article, Asphalt & Concrete, Association Boards, Blog, Building & Property Maintenance, Chapter Happenings Sponsor, Common Interest Communities, Community Associations, Condominiums, Electric Vehicle Charging, Exterior, Outbuildings & Structures, HOAs, Maintenance, WA State, WA State Law

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.

Managing Rising Construction Costs For Your Upcoming Projects

Jul 1, 2022 | Article, Blog, Chapter Happenings Sponsor, Construction, Decking, General Contracting, Plumbing, Railings, Roofing, Siding, Windows

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?

Pre-Budget:Using Your Financial Statements

Jun 1, 2022 | Accounting, Auditing & Bookkeeping, Article, Blog, Chapter Happenings Sponsor, Financial: Money, Banking, Insurance

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?

Four Reserve Rules

May 2, 2022 | Article, Association Boards, Blog, Chapter Happenings Sponsor, Common Interest Communities, Community Associations, Financial: Money, Banking, Insurance, Reserve Funds, Reserve Studies

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.

Efficient Audits

May 2, 2022 | Accounting, Auditing & Bookkeeping, Article, Association Boards, Blog, Chapter Happenings Sponsor, Community Associations, Financial: Money, Banking, Insurance

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.

Reserves & Inflation

Apr 5, 2022 | Article, Blog, Chapter Happenings Sponsor, Financial: Money, Banking, Insurance, Reserve Funds, Reserve Studies

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.

What To Know About Mold

Apr 5, 2022 | Article, Blog, Chapter Happenings Sponsor, Disaster Restoration, Industrial Hygiene & Mold Remediation, Repair, Restoration & Recovery

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.

Annual Audits

Mar 1, 2022 | Accounting, Auditing & Bookkeeping, Article, Blog, Chapter Happenings Sponsor, Financial: Money, Banking, Insurance

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.

Six Signs Your Pipes Are Stressed

Mar 1, 2022 | Article, Blog, Chapter Happenings Sponsor, Construction, Maintenance Services, Pipe Replacement, Plumbing

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.

Your Association’s Year End Accounting Review

Feb 1, 2022 | Accounting, Auditing & Bookkeeping, Article, Blog, Chapter Happenings Sponsor, Financial: Money, Banking, Insurance

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.