by Lawrence Szabo, Esq. | May 31, 2017 | Finances, Managing Agent
The management and operation of a homeowners association (“Association”) results in the Association coming into possession of large sums of funds to cover operating expenses and HOA reserves. Over a period of time, the reserve for HOA funds can grow to a very large...
by Lawrence Szabo, Esq. | May 16, 2017 | Board of Directors, Finances
Because they rely heavily on volunteer homeowners with varying background experience and limited time that is devoted to providing services as a director, Homeowners Associations are extremely vulnerable to financial damage as a result of criminal conduct on the part...
by Lawrence Szabo, Esq. | May 15, 2017 | Finances
The use of homeowners association reserve funds is a topic of much confusion and controversy within homeowners associations. Because of the importance of maintaining proper levels of reserve funds, they are afforded protections by state laws and/or an association’s...
by Lawrence Szabo, Esq. | May 2, 2017 | Dues and Assessments, Finances
A basic duty that is imposed on virtually all homeowners associations by state laws and/or governing documents is the duty to maintain the association’s common areas. As the association is merely a legal entity or vehicle for the association to conduct its business,...
by Lawrence Szabo, Esq. | Apr 17, 2017 | Dues and Assessments, Finances
Studies show that there are a growing number of homeowners associations that ignore reserve funding requirements and as a result, fail to maintain the required level of reserve funds to properly maintain, repair, and replace common areas within the common interest...
by Lawrence Szabo, Esq. | Apr 12, 2017 | Finances
Assessment income is the lifeline for homeowners associations. Without owners paying assessments to the association, the association has insufficient income to pay its expenses. Despite the importance of the association collecting assessments from every owner, in the...
