If it is March, it must be annual meeting time. Chances are you are thick in preparation for one of the most important meetings of the year. The chance to bring the owners of the community together to not only review last year but also elect officers and plan the year ahead. This is also a perfect time to review your banking relationship.
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.
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.
THERE ARE FOUR RULES OF RESERVESÂ 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.
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.
