Category: Finance

Finance
2018 January HOA Financial Statements

Members of a condominium or co-op homeowners’ association (HOA) have a fiduciary responsibility to manage their community’s funds wisely, and to protect the financial interests of all owner/shareholders. Breaching this duty carries the real…

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Finance
2017 November Why Transfer Fees?

Maintaining a residential cooperative or condo association does not come cheap. Shareholders and unit owners contribute regular maintenance payments, to be sure, but that only covers so much. What happens in the event of a rainy day? Well, …

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Finance
2017 October Forensic Audits

Just a few months ago, according to various media reports, property manager Steven Dym of the Queens-based Gabriel Management Corp., was facing a lawsuit for allegedly taking approximately $22,000 from a client. The ultimate result from thi…

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Finance
2017 October Controlling Operating Costs

Creating and adhering to an operating budget is a delicate financial balancing act that boards, management, and staff do every year in buildings and associations all across the country. The object is to predict expenses, balance cash inflow…

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Finance
2017 September Appropriate Use of Common Funds

For the board members and managers handling the successful operation of a co-op or condo community, one of their biggest responsibilities revolves around their fiduciary duties. They are, after all, dealing with people’s biggest assets: the…

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