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Replace Your Plumbing At 50 Years? 60 Years? Not So Fast…

Replace Your Plumbing At 50 Years? 60 Years? Not So Fast…

You may have been noticing an increase in the frequency of plumbing system replacement, at very high costs. Now that a significant portion of the housing stock we serve within Washington Community Associations has reached or is near the 50-year mark of life, expect that trend to continue. But what do you plan for in terms of timing, and cost? Why isn’t total replacement typically in your reserve study?

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A Strong Reserve Fund Is The Strongest Hedge Against Inflation

A Strong Reserve Fund Is The Strongest Hedge Against Inflation

What is a Community Association’s strongest hedge against inflation? A strong reserve fund! As of the end of April, 2021, increases in the pricing of lumber, asphalt binder , and other materials have risen well into the double digits when compared to the previous year. Costs for the “Big 9” projects (painting, roofing, asphalt, siding, windows, decks, plumbing, elevators, HVAC) are simply wild and unpredictable right now.

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Rain, Rain, Go Away!

Rain, Rain, Go Away!

April showers bring May flowers…and sometimes uninsured losses! Building damage caused by heavy rain, clogged gutters and storm drains, accumulated water in a crawl space and any other water that originates OUTSIDE of a building is generally excluded on most policies for several reasons.

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Special Assessment Accounting. Aware. Diligent. Timely. Accurate. Complete.

Special Assessment Accounting. Aware. Diligent. Timely. Accurate. Complete.

Record keeping and accounting for special assessments should not be as challenging as it often is. Often, as auditors we find the accounting for special assessments is incomplete due primarily to changes of management companies, inadequate tracking of owners’ accounts and payments, accounting for special assessment receipts in the wrong fund, and/or special assessment forecasts are inadequate to determine if there will be sufficient funds to pay for all repairs or pay off a loan.

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June 2021 CA Journal

June 2021 ISSUE
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