Posts Tagged ‘San Antonio HOA management company’
As your san antonio hoa management company, we strive to maintain the most organized and smoothly operated communities. While we are facing an extremely difficult time within our economy, it’s crucial to never lose sight of the importance of keeping the financial’s organized within your community. With that in mind, we also understand that occasionally unprecedented circumstances do occur that may prevent you, as a community member, from paying your dues before a late fee is assessed. What can your san antonio hoa management company do to assist.
The first step in the process of requesting the removal of your late fee is to contact us as soon as possible. Each Association has their own preference as to whether the Board of Directors or your community manager may review accounts to remove late fees. Depending on your Board’s instructions, your account and payment history will be reviewed, and a decision will be made, based on your individual situation.
Is it possible to have a fine waived from your account? In some cases yes, but you must provide proper documentation that the violation has been rectified. This is accomplished by submitting a picture, and if applicable, a copy of your repair receipt your san antonio hoa management company. Once received, we will scan the documentation to your file and forward the information to the Board of Directors for their review. After careful review of your documentation, the Board of Directors will then advise if the fines can be waived. Remember, these fees are in place to help your communities run as smoothly as possible, therefore only un-recurring, and legitimate cases will be considered for waiving. Fewer late fees and violation fines translates to a community running and looking its best, which will ultimately equal to a prosperous community.
Spectrum is the leader in san antonio hoa management. We have the interest of both the homeowner and board in mind in all of our decisions. Give us a call to see how we can assist you in your efforts.
A well funded reserve account is a clear indication of how prepared a community association is to deal with its long-range maintenance needs. Without a well funded reserve account, most association’s only option to pay for repair needs that arise is to impose a special assessment on their members. However, special assessments are traumatic for boards, members and San Antonio HOA management companies and their community managers. They can also be inherently unfair because they penalize those members who happen to be living in the community when these predictable expenses become due.
A reserve account is an account specifically designed to pay for common elements for which a useful life can be estimated. Most communities include those common elements that are expected to wear out in three to 30 years. The reserve fund is not intended to fund everyday needs that are covered by the community’s general operating account; however, to pay for capital expenditures to replace and/or maintain the common elements. Although having a well funded reserve account doesn’t guarantee that you’ll never have to impose another special assessment, it significantly improves your odds and stabilizes your community’s future.
Despite the logic of having a well-funded reserve account, many community associations don’t have one. Others may have an account but don’t adequately fund it. In either case, the community will face a fiscal crisis if significant common area work must be done.
Also, Boards have been forced out of office over inadequate reserve accounts. Also, according to some HOA attorneys and San Antonio HOA management companies, board members can be sued for violating their fiduciary duty to their associations by failing to maintain adequate reserves. In one case, an association sued its developer-controlled board for violating its fiduciary duty to the association by failing to fund a reserve account. The court ruled that the board had failed to fulfill its supervisory and managerial responsibilities when it failed to establish a reserve account. Because of this, the court said that the board and its individual directors were liable to the association for the association’s financial losses.
How do you start contributing to a reserve fund if you haven’t before? The Board will need to decide how much will be needed for future repairs and begin to save money each month from their operating account. Ask your San Antonio HOA management company to transfer the same amount each month from the operating account to a money market or other non-risk, liquid investment account. Before you know it, the association will have saved a significant amount of money for future repairs and help to eliminate the risk of a special assessment.
Spectrum Association Management is a homeowners association, condominium association and high rise association management company serving Dallas, Fort Worth, San Antonio, Houston and Austin areas. To learn more about Spectrum Association Management visit us at http://www.spectrumam.com/ or to request a quote for management click here. Also be sure to “like” us on Facebook by clicking the following link: http://www.facebook.com/spectrum.association.mgmt.