Think back to when you were younger and got your first job. You worked your hours—perhaps flipping burgers, taking orders or cutting the grass—and then earned your first paycheck. You went to the bank, signed the back and had it cashed and…
Most buildings in flood zone areas already maintained flood insurance as a result of lender requirements and therefore were covered by Sandy. The biggest surprise was those persons who use their homes as home offices or the building rents …
Managing risk is one of the most important things you can do to maintain the viability of a business, and what many board members sometimes forget is that their association is just that, a business. Risk management—the process of identifyi…
Most co-op and condo board members are not fully aware of all of the financial risks and liabilities associated with their service. Some may not realize that the management company, the co-op corporation board or homeowner's association is…
While crime rates are steadily decreasing nationwide—even in the Big Apple—multiunit dwellings are often more difficult to 'police' due to the number of residents, visitors, delivery personnel and third party workers such as contractors. A…
This country was founded with a heavy dose of independence and a strong “Do-It-Yourself” attitude. The DIY mindset, with roots in Europe and European culture, crossed the Atlantic Ocean with the earliest immigrants and became part of the A…
As the autumn leaves change and begin to fall, our thoughts invariably turn to the completion of the hurricane season and the arrival of winter. We are also reminded on an almost daily basis of the lasting results of Hurricane Sandy, or as…
Running a co-op, condo or HOA is a business, and like most businesses, proper budgeting is the key to financial health. Just like businesses, associations usually have two separate yet vitally important budgets. The first budget is the day…
Lawsuits are usually not an association’s go-to method for dispute resolution. Expensive and time-consuming, they can quickly turn into a financial burden and may create strained relations in the community. Unfortunately, in some cases …
Convenience and saving money are just a couple reasons why a co-op board or homeowners association would choose to self-manage a property. Though, outside managing firms and property managers are hired and employed for good reason. The…