Preparing an annual budget is essential for the financial stability of community associations. However, not all associations know how to effectively create an association budget. To help you with this task, here are some guidelines that will make preparing your budget a straightforward process: Create a Budgeting Committee: While it’s the board’s responsibility to create the budget, assembling a committee…
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Community Associations play a vital role in managing and maintaining the shared assets of their members. However, ensuring the safety and longevity of these properties requires meticulous planning and budgeting. In response to the tragic incident at Champlain Towers South, the Community Associations Institute (CAI) has taken decisive steps to promote safer and financially sound buildings. CAI’s newly released Reserve…
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The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in 2021 for condominium purchasers that desired to secure a mortgage as was previously discussed in Prepare your Condo for the new Fannie Mae and Freddie Mac Lending Requirements. At the request of FHFA,…
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Since 2004, the Michigan Court of Appeals has repeatedly determined that short-term rentals within Michigan communities that are subject to residential, business, and commercial restrictions are prohibited because they are commercial activities that are inconsistent with residential use. Notwithstanding this clear and consistent judicial record, property owners in communities with residential, business, and commercial restrictions who want to engage in…
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Whether there is an increase in violent crime or an increase in reporting and coverage of crime, it seems that our lives are constantly being inundated and interrupted with reports of violent activities. Your home is your castle, your safe space. But imagine the worst-case scenario where a crime occurs and that sense of safety is lost. After dealing with…
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It is common for a condominium association’s master deed and bylaws or a homeowners association’s declaration to address compensating board members. Usually, such a provision will either expressly disallow any compensation or only allow compensation if approved by a specified percentage of the community association’s members. Apart from the general notion that board members should be made up of volunteers…
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