There won't be anymore Boards then in HOA's and the government will take over your home.
@zacharywildman28404 ай бұрын
This was extremely informative! Thank you!
@CommunityFinancials4 ай бұрын
Glad it was helpful!
@user-hd4jc1ct8q5 ай бұрын
Our HOA has a late payment rule whereby we charge 10% of what is due, and annual non-cumulative interest of 12%. At about 3:15 in this video, the collection agency indicates that it will retain the late fees, and mentions a different set of late penalties than exist in our governing documents. Does this collection company intend to keep all of the late fees and interest, or just that related to the percentages indentified by the collection company in this video? Are the collection company's late fees and interest additional to those in our governing documents? If they are additional, how might this relate to our state's possible limitation on interest that can be charged regarding late payment penalties? If we use this collection company, are collections automatically refered to them by Community Financial, or is that first approved by our HOA?
@CommunityFinancials4 ай бұрын
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.
@ka0sud0ku985 ай бұрын
Honestly, that info is already available with simple searches. On top of that HOA’s are for real estate agencies and states to benefit the states' lazyness. Thats why legislation rarly if ever benefits the owner, which makes it easy for board members and management companies to not be transparent with owners, which allows retarded proxie systems to keep said systems in place which is ever more relevant now because of zoom meetings etc and Owners not being present at meetings. Hoa systems are a joke. There is no real benefit to it, just power grabs, especially in condos.
@fishboy915 ай бұрын
Is front step a cloud app?
@CommunityFinancials4 ай бұрын
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.
@DS-go8mn8 ай бұрын
Great video thank you so much
@CommunityFinancials4 ай бұрын
Glad you enjoyed it!
@catherinebullock97489 ай бұрын
Do communities ever borrow money to make capital improvements? (Sprinkler system to reduce insurance expenses.
@BlackKokane706 Жыл бұрын
HOW DO I MAKE THIS?
@CommunityFinancials4 ай бұрын
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.
@juldesumma78 Жыл бұрын
Is there a way to send an email to a generic email like the board@ ........ but it can go to all board members ????
@CommunityFinancials4 ай бұрын
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.
@bnkzaixai9555 Жыл бұрын
Source Code?
@leroylarinagajr.2013 Жыл бұрын
Hawaii
@billligon40052 жыл бұрын
Very good information. Thanks.
@mswriter36122 жыл бұрын
This story could take 2 drinks and a cocktail party !
@villafuerte26102 жыл бұрын
Thanks
@Jeanmarie50182 жыл бұрын
This is the worst software system on the market. Think IBM
@phototristan2 жыл бұрын
I agree!
@ukshortsvideo31692 жыл бұрын
kzbin.info/door/u4ZZ5b9T2PfMhNJ634UezQ
@ukshortsvideo31692 жыл бұрын
Nice
@alfonsopalomino42122 жыл бұрын
Thank you so much it was very helpful.very important points to know
@ncognidoh30813 жыл бұрын
How do you do a search for specific invoice or financial page?
@Sfpma3 жыл бұрын
This is 100% great information for our industry and all Condo and HOA owners to learn from. Thanks we will let everyone know ~ SFPMA
@rick_h3 жыл бұрын
I live in an association in CA with 185 units. We installed roofs for $1.1 million in 2018. We had $200k left in the reserves at the end of project. $360k is being allocated to reserves each the year. The board has embarked on a remodel project that replaces outside wood paneling, shingles and trim with a composite material. Cost is $20k per unit. The board's plan is spend all reserves until 2024 and then go for a $2.5 million loan when only 45% of the complex has been completed. Any thoughts?
@russellmunz57343 жыл бұрын
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."
@rick_h3 жыл бұрын
@@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?
@russellmunz57343 жыл бұрын
@@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.
@zdfcondohoaattorneys64113 жыл бұрын
😁😁😁😁
@mitchelldrimmer97724 жыл бұрын
I know Joel and this is what I think about him. When Joel speaks smart people listen.
@CommunityFinancials4 жыл бұрын
Thanks Mitchell for your input - that's exactly why he was our first expert for our new "Ask and Expert" series.
@steveshomes4 жыл бұрын
please , may i have Joels contact info?
@russellmunz57343 жыл бұрын
@@steveshomes you can find him at mcgowanprograms.com sorry for the late reply.