Condo Media - September 2012 - 34

RESERVES

“on-track” with its reserve savings plan? During budgeting season, we look at where our year-end reserves should be and where they are actually at. Significant differences indicate the need for a reserve study update. Accountants and community managers agree that updating the reserve study is essential for the financial well-being of an association. Updating keeps the funding and repair/replacement schedule on track and assures the curb appeal of your community association.

CAI’s website has lots of information about how the FHA has impacted the ability of your association’s members to market their condo units during this

Curb appeal is affected by the appearance of your property, and now, by the new FHA rules governing your association.

Accountants and community managers agree that updating the reserve study is essential for the financial well-being of an association.
protracted recession. For starters, FHA-guaranteed loans are not available unless your association in total is “approved.” There are a myriad of new rules that affect requirements concerning reserves, insurance, number of rentals and number of homes in foreclosure to name a few. It’s best to get your “house in order” before a potential buyer says that FHA is denying their loan and the sale falls through. The appearance or curb appeal of your community association is the result of your active involvement, aggressive maintenance, professional management and a credible up-to-date reserve study. I hope that your budget for 2013 considers these key elements of a plan to maintain and improve your community’s curb appeal. CM Ted Salgado, RS, P.E., is a principal owner of Reserve Advisors, Inc.

FHA Financing
The FHA has not affected your community association’s curb appeal until now. According to CAI, “FHA has only played a minor role in mortgage for condominiums; however, that changed with the housing crisis and today, FHA accounts for up to 30 percent of all condominium mortgages, through FHA’s condominium mortgage insurance program.”

Community Association Loans
All the right tools for your next project.
How will you fund your next community project? Get the job done right with the Community Association Loan toolkit. You’ll get custom ﬁnancing that’s perfect for your budget and your community.

Your Community Association Loan toolkit includes:
Competitive interest rates Flexible payment plans Innovative loan structures Fixed rate loans Non-revolving lines of credit

Get the cash you need today.
Erin Kremser CMCA AVP / Regional Account Executive 860.459.4713 Toll Free 866.800.4656, ext. 7481 erin.kremser@mutualofomahabank.com
AFN44702_0412

Member FDIC

Equal Housing Lender

National Corporate Member of Community Associations Institute

34

CONDO MEDIA • SEPTEMBER 2012

Condo Media - September 2012

Table of Contents for the Digital Edition of Condo Media - September 2012

Condo Media - September 2012
Contents
From the CED’s Desk
Editorial Board
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Insurance
Pest Management
Maintenance
Reserves
Vendor Spotlight
Legislative Update
Self-Managed Association Boards
Volunteer Spotlight
CAI-NE 2012 Fall/Winter Service Directory
Advertisers Index
Classified Service Directory
The Lighter Side
Condo Media - September 2012 - Condo Media - September 2012
Condo Media - September 2012 - Cover2
Condo Media - September 2012 - Contents
Condo Media - September 2012 - From the CED’s Desk
Condo Media - September 2012 - 3
Condo Media - September 2012 - Editorial Board
Condo Media - September 2012 - 5
Condo Media - September 2012 - CAI News
Condo Media - September 2012 - 7
Condo Media - September 2012 - 8
Condo Media - September 2012 - 9
Condo Media - September 2012 - 10
Condo Media - September 2012 - 11
Condo Media - September 2012 - 12
Condo Media - September 2012 - 13
Condo Media - September 2012 - CAI Regional News
Condo Media - September 2012 - 15
Condo Media - September 2012 - 16
Condo Media - September 2012 - 17
Condo Media - September 2012 - Asked & Answered
Condo Media - September 2012 - 19
Condo Media - September 2012 - Homeowner’s Corner
Condo Media - September 2012 - 21
Condo Media - September 2012 - Insurance
Condo Media - September 2012 - 23
Condo Media - September 2012 - Pest Management
Condo Media - September 2012 - 25
Condo Media - September 2012 - 26
Condo Media - September 2012 - 27
Condo Media - September 2012 - Maintenance
Condo Media - September 2012 - 29
Condo Media - September 2012 - 30
Condo Media - September 2012 - 31
Condo Media - September 2012 - Reserves
Condo Media - September 2012 - 33
Condo Media - September 2012 - 34
Condo Media - September 2012 - 35
Condo Media - September 2012 - 36
Condo Media - September 2012 - 37
Condo Media - September 2012 - 38
Condo Media - September 2012 - 39
Condo Media - September 2012 - 40
Condo Media - September 2012 - 41
Condo Media - September 2012 - Vendor Spotlight
Condo Media - September 2012 - 43
Condo Media - September 2012 - Legislative Update
Condo Media - September 2012 - 45
Condo Media - September 2012 - Self-Managed Association Boards
Condo Media - September 2012 - 47
Condo Media - September 2012 - 48
Condo Media - September 2012 - 49
Condo Media - September 2012 - Volunteer Spotlight
Condo Media - September 2012 - 51
Condo Media - September 2012 - 52
Condo Media - September 2012 - CAI-NE 2012 Fall/Winter Service Directory
Condo Media - September 2012 - 54
Condo Media - September 2012 - 55
Condo Media - September 2012 - 56
Condo Media - September 2012 - 57
Condo Media - September 2012 - 58
Condo Media - September 2012 - 59
Condo Media - September 2012 - 60
Condo Media - September 2012 - 61
Condo Media - September 2012 - 62
Condo Media - September 2012 - 63
Condo Media - September 2012 - 64
Condo Media - September 2012 - 65
Condo Media - September 2012 - Classified Service Directory
Condo Media - September 2012 - 67
Condo Media - September 2012 - 68
Condo Media - September 2012 - 69
Condo Media - September 2012 - 70
Condo Media - September 2012 - 71
Condo Media - September 2012 - The Lighter Side
Condo Media - September 2012 - Cover3
Condo Media - September 2012 - Cover4
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