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The information provided here has been prepared to assist in the management and administration of your Homeowners Association; to "strengthen the unity of the Board of Directors and protect the value and enjoyment of your property". "These are trying times for "Homeowners Associations"Costs of insurance, utilities, maintenance and other budget items continue to increase; over the past few years there has been a substantial increase in association dues. Dues have gone up, costs have gone up, but for many associations, reserves are not able to keep up with the financial demand and in the meantime, the associations continue to get older which in turn requires more maintenance and additional costs. Conversely, many homeowners such as, those on fixed incomes, first time buyers and homeowners concerned with selling their units are interested in keeping dues as low as possible
Recent Legislation requiring a summary of the Association's "Reserve Funding Plan" illustrates the level of sophistication and complexity that has evolved in the Community Association Industry. The California Civil Code mandates that notices be sent to each homeowner annually informing them that certain Association information and procedures are available to them. Indeed it can be said the administration of Homeowners Associations requires professional and qualified management and competent Boards of Directors.
Many Homeowner Associations have come to the conclusion that the source of funds will continue to be limited; therefore in order to survive expenses must be trimmed. When reviewing the Statement of Income and Expenses it is clear that certain items cannot be trimmed but some can. Here are some tips: Review the insurance policy and seek new quotes from reputable companies. Review the landscape contract; this is often a major line item. Review maintenance items for areas that can be deferred without compromising the value of the property.
Some Associations have decided that self management (or partial management) is a concept to be considered. The intent here is for homeowners to assume certain light duties that are routinely provided by the property management company, farm out other functions such as finance and contract for that portion that requires professional management. Small Associations should review our "Small Association Modified Management (SAMM) program" and save enormously. For more information on this concept contact us at 888-771-7552.
It's the place we call home! It is where we have chosen to live. It is up to the homeowners to make their community living enjoyable and tranquil. We have a responsibility to create a pleasant and desirable atmosphere for all homeowners. We have a responsibility to cure the association's problems, and make the associations financially strong. Its home to us, a place to feel safe and secure and the right to expect the same from our neighbors.
Richard S. Monson, Pres. |