Category: Finance

Finance Show Me the Money
2016 July Show Me the Money

The first of the month rolls around and it’s time to pay the bills that keep your building operational. Repairs might need to be made, staff salaries paid, maintenance done to keep all the common elements running, and supplies reordered. Th…

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Finance Budgeting 101
2016 July Budgeting 101

Preparing the annual budget for a condo or HOA isn't quite like figuring out a budget for a couple, or even a large family. The board of a multifamily building or association has to consider all the angles—past, current, and future—when for…

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Finance Alternative Funding
2016 April Alternative Funding

In this challenging economy, many co-op and condo buildings are struggling to pay their bills while planning for future needs. Still, most building boards and HOAs are loathe to raise maintenance fees or levy special assessments on their re…

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Finance Control Your Operating Costs
2015 November Control Your Operating Costs

In the context of multifamily communities, there are two kinds of budgets: a capital, or reserve budget, and an operating budget. Capital budgets apply to long-term, big-ticket projects like new roofs or an HVAC overhaul. By contrast, the o…

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Finance The Clubhouse Rules
2015 November The Clubhouse Rules

Amenities can be a major selling point for any co-op or condo. You don't have to be Jillian Michaels these days to have a spa or full gym at home. Naturally, they add to the property value of the building as a whole, as well as to the indiv…

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Finance Planning for the Future
2015 October Planning for the Future

The experience of co-op and condo board members can often feel like a juggling act. There are varied interests in the community that want different things. There's legal counsel, financial advisers, and managers who try to offer the best pr…

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Finance Don’t Raid the Cookie Jar
2015 July Don’t Raid the Cookie Jar

Sometimes the future seems like it’s an awfully long way away. If a roof is going to last 30 years, why should we worry about it today? Same with that shiny new boiler or that flat, crack-free pavement just poured two summers ago. Eventual…

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Finance Smoke Detectors and Sprinkler Systems
2015 July Smoke Detectors and Sprinkler Systems

When a fire erupts in a Chicago building, it's terrifying but it doesn’t have to be deadly. There are a few essentials that can save the lives of the people who are inside that building: namely, a working smoke detector and a sprinkler sys…

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Finance Money Talks
2015 July Money Talks

Imagine sitting down with your significant other to pay the monthly bills. You both put your checks into a joint account and know how much there is to take care of expenses, or so you think. Out of his wallet your husband pulls out receipt…

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Finance Controlling Operating Costs
2014 October Controlling Operating Costs

Whether you’re managing or governing a suburban condo development or an urban high-rise, operating costs are a constant concern. No matter how hard you plan, there are always unexpected expenses, and you have to plan for them. This is true…

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