Does your community require a major repair, such as new facade, windows or roofs? Major repairs can be extremely costly. Luckily, loans are available for community associations that require funds for a particular project or repair. We spoke to Jared Tunnell, Senior Vice President at National Cooperative Bank to learn more about community association loans and what steps condominium and homeowner associations should take before acquiring a loan. 

Boards of community associations are tasked with the onerous responsibility of running their communities, and ensuring all facets of doing so are given their necessary attention. But how can boards make sure they’re attending to everything they’re supposed to, and doing it properly?   Boards are legally bound to exercise due diligence in their roles leading their associations, but what exactly is due diligence, and how can board members make sure they’re complying?

One of the more challenging tasks an association board faces every year must be their annual budget. Requiring the number-crunching aptitude of skilled accountants, coupled with the board’s clairvoyance to predict not only repairs needed in the year ahead but also global inflation, budgeting is not to be approached without careful introspection into the facts and figures of the community. We spoke with John Grady, CPA of Bogush & Grady CPAs, LLP in Rhinebeck, New York for an accountant’s insights on this topic.