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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.
To help make your association’s annual audit go smoothly, it is important to follow and support annual audit process efficiencies.
These days, synthetic turf is widely accepted as an alternative for sod lawns in both commercial and residential settings. Condominiums and apartments especially have been converting sod lawn areas into synthetic turf more in the past few years as they discover and reap the benefits of switching over!
Last month, Jeremy Newman of Newman CPA had an excellent article on accounting for special assessments. This blog will discuss other important considerations should an association consider financing its remediation project.
With water damage, there are situations where it is important to call a professional. Here are some examples of situations where professional help should be sought out:
Mold is ubiquitous to our environment, and if trapped moisture is involved in an enclosed space, it can create an unpleasant odor issue. The best way to mitigate? Remove it at the source.
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.
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.
While we do not often think about the blacktop beneath our tires and under our feet, having a proper maintenance program for your asphalt can extend its life significantly, therefore pushing out the replacement date and saving thousands of dollars. Transblue offers free asphalt consultations, call today! 425-658-0098
The novel coronavirus compelled communities to confront a number of new challenges with legal implications. The overarching challenge has been for an association to figure out its role in a completely new type of environment.
SBA’s Paycheck Protection Program: Coronavirus Relief Act Offers Loans to Management Companies, Others
Management companies and other vendors hit hard by the coronavirus may have some relief headed their way. On Friday, April 3, 2020, the application process opens for the Small Business Administrations’ Paycheck Protection Program (“PPP”). This $350 billion emergency program is part of the federal government’s $2 trillion federal coronavirus relief package, officially known as the CARES Act.