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Fannie Mae’s new project requirements for condominiums and housing cooperatives took effect in 2022. The requirements apply to all loans for units in high-rise buildings with five or more attached units. Under the new requirements, community associations must pay close attention to several factors that will make units ineligible for loans. Building projects that have

To properly manage a community association’s finances, it is vital to understand the financial statements and what they represent. Even if the association uses a CPA (which it should), transparency and accuracy are crucial. The association’s board of directors and its members should have a simple understanding of the documents and how to properly review

The financial management of community associations comes with its own set of challenges, especially when it comes to accounting. Should a community association be run as a business? A nonprofit? A small government? The answer is, “yes and no.” Community associations function as a bit of all the above. Business Accounting In some ways, a

When it comes to community associations, there are several important responsibilities. One of the most confusing, yet vital, is proper financial management.  Maintaining the best interest and financial health of the association is of the utmost concern.  It’s not worth taking a risk when it comes to these duties. That’s why it’s imperative to entrust

As we continue to pray for the victims of the Miami condo collapse tragedy, we are also preparing for the likelihood that condo associations will come under increased scrutiny following this event. Does your CPA firm have experience with the unique financial challenges condo associations must manage? If not, we can help. As this article