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what if you small - a total of eight units and small funds

@ We are a small HOA, 6 homes, I did the research and determined that we are required to comply, there is no minimum size exemption. We did the compliance our selves on the FinCEN.gov website. It’s free and takes about 10 minutes max. Just do it, not worth risking $500 per day fines.

@ Doesn’t matter if you are a small community, I did the research, we are a 6 home community and are required to comply. It is a very easy process on the fincen.gov website and it’s free. Not worth the risk of heavy penalties for non-compliance. I did my compliance today, took about 10 minutes. Just do it!

Glad it was helpful!

Hello, Thanks for our question. To work with Axela the Board first approves using them our staff makes the introduction. Axela's fee is they keep the late fees and interest. In my experience this is much more economical than paying an attorney an hourly rate. They late penalties mentioned in the video are for discussion purposes and they take into account the governing docs and state statutes when not provided for in the governing docs.

Caliber / Frontsteps is a hybrid - it has a desktop component downloaded to the user's computer and also a "cloud" component where the data is stored.

Glad you enjoyed it!

Your accounting software package should include the ability to make the aged delinquency statement. If not you can find new software that allow for this - or an accounting service like ours that provides it.

Yes there is. Many boards have this set up and they may use google workspace or MS 365 / outlook to come up with a generic / group email and have the other board members ad members of the group. It is recommended to keep a separate email for board business especially if you have a contentious ownership/ board so if emails are subpoenaed in a legal case your personal emails are not included.

I agree!

Thank you for your question Rick. I asked Robert Nordlund for feedback: So all their numbers work out. No math errors. Their plan is do-able. My thoughts on the matter... "Your plan seems workable, and composite siding nowadays has a good reputation as a long-life product. But consider the drawbacks of your plan: 1) Getting a loan, when the Reserve balance is low, is not a "sure thing". 2) Subjecting the association to multiple years of ongoing construction is not a good thing, and over those years the material, costs, and contractor may all change (any of those three are bad). 3) The cost of paying back a $2.5M loan would be almost $40k/mo for 7 years ($3.36M total), or an additional $216/mo/owner over current budgeted assessments for 7 years So - there's no way around it. This will be expensive. It is better to get the project done more quickly (two -three yrs max). Interview bankers about the loan earlier (2021 or 2022), looking for options so owners who are able could pre-pay their portion (enjoying lower overall cost), and lowering the size of the loan the association would carry while at the same time providing some early cash to launch the project."

@@russellmunz5734 thanks for the reply! It gets worse. The board was recalled in September by a vote of 54 to 52 and four out the five board directors are running again this December. One was against the project because of the lack of funds. Our Articles of Incorporation state any loan over $100k must be approved by 2/3 of the membership. The recalled board will not allow a vote on a loan in 2021. If those in favor of the recall are elected to the board in December, we will need a property manager. The one we currently have has threatened to quit us if the recalled board is not re-elected. It looks like you have project management software online which I believe you sell to property management companies? It doesn't look like you have onsite property managers for service. Is that correct? For the DIY reserve study, can that replace hiring an outside company for reserve studies? I doubt that is the case. How would that prevent the board, or property manager, from tweaking the costs to something that is not reasonable?

@@rick_h Hello Rick, my pleasure. We provide monthly accounting services plus also offer access to maintenance and violation tracking features built into the software we use - its not a construction project management software though. We don't have any onsite managers. What we have seen is a board separates the financial management from the physical management for greater checks and balances and focus on each. Then that local manager can login and use the software we use. For project management its better to hire a PROJECT manager not a property manager you can read more about that in this blog post: communityfinancials.com/does-your-hoa-or-condo-community-need-a-manager-for-capital-improvement-projects/ I would suggest given the climate of the owners and boards that your community hire a reserve specialist that is licensed to provide guidance on how much to put aside. Then no board or owner gets blamed if incorrect and you also get a third party to help mediate the personalities and explain things. If you hire a licensed professional they will do the right thing and not want to jeopardize their license status.

Thanks Mitchell for your input - that's exactly why he was our first expert for our new "Ask and Expert" series.

please , may i have Joels contact info?

@@steveshomes you can find him at mcgowanprograms.com sorry for the late reply.