Does an Association need to be Fully Funded in Washington State?

By |2023-01-30T14:20:55-08:00January 30th, 2023|Reserve Balance|

In Washington State do reserves have to be fully funded? It’s a great question - when you review the Washington Uniform Common Interest Ownership Act (WUCIOA) it really doesn't say how much an association needs to have. Fully funded is one of the most misused terms in our industry because there is not just one [...]

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Is a Reserve Study needed for your Condo or HOA?

By |2023-01-28T11:17:35-08:00January 28th, 2023|Uncategorized|

Do you find that your association constantly has unexpected repair or replacement costs that it doesn't have money budgeted for? Many association boards are afriad to raise dues to the levels needed to avoid special assets and hope nothings breaks until after they are off the board. We refer to this as the "head in [...]

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Is your association ready for disasters?

By |2023-01-11T14:44:02-08:00January 11th, 2023|Community Assets|

In the past year we have seen associations face significant disasters. Hurricane Ian torn up associations in Fort Meyers and now California is flooding impact condominium and homeowner associations.  Washington state dodged a major ice storm in December 2022 but it could have been worse. As a retired first responder (firefighter -EMT for 42 years) [...]

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Buying a Condominium – Who can answer your questions?

By |2023-01-09T14:26:25-08:00January 9th, 2023|Uncategorized|

Sellers and/or their agents are required to disclose what they know about the property under the laws of Washington State. Your real estate agent should be aware of disclosure laws but remember their underlying interest is to sell properties. I frequently see the seller's realtors wait until the last minute to provide the disclosure information [...]

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How Much Should An HOA or Condominium Association Have In Reserves? – The Answer Is…

By |2022-12-07T10:56:52-08:00December 7th, 2022|Reserve Balance, Uncategorized|

We get this question in our office all the time - do we have enough money in reserves? HOA or Condominium associations  need to keep track of how much money they have on hand at all times. This helps ensure that there will always be enough cash available for major projects, unexpected repairs and other [...]

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What is the Rule of Thumb for COA/HOA Reserves?

By |2022-12-22T12:11:26-08:00December 6th, 2022|Reserve Balance|

Before you can understand what reserves are, you must first know how a homeowners/condominium association works. An association takes on the responsibility of maintaining the community with the primary objective of protecting property values. Achieving such a feat is impossible without proper funding. But, where does an homeowners/condominium association get its money? Every association consists [...]

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Special Assessments – Are they good?

By |2022-11-30T13:33:21-08:00November 30th, 2022|Uncategorized|

Communities (Condo and Homeowner)  special assessments are extra, “unusual” fees that you may be charged by your board under certain conditions. Most association managers and experienced board members cringe when the term special assessment comes up. These costs are usually levied by the board only in emergencies, such as in the case of unexpected large-scale [...]

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Five steps associations can take during historic inflation

By |2022-11-14T14:00:21-08:00November 14th, 2022|Uncategorized|

In the past two years we have seen maintenance costs of our associations sky rocket. In light of this, HOAs and condos may need to pivot by adjusting the year-to-date budget, increasing assessment rates or levying special assessments. With increasing vendor rates, labor costs, and materials due to inflation, it’s also wise to proactively review [...]

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Electric Vehicle Charging Stations

By |2022-11-14T14:07:38-08:00November 7th, 2022|Uncategorized|

A question that we frequently get is “can we use reserves for Electric Vehicle Charging Stations”? The quick answer is no…. Reserves are intended for maintaining existing community assets. Once the stations are installed they can be maintained with reserves but not until then.  These stations can consume quite a bit of power and not [...]

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