AHN NJ Iss. #5-2018

www.AssociationHelpNow.com Issue 5, 2018 AssociationHelpNow Resources for Community Associations and the Businesses & Professionals who serve them. ™ NEW JERSEY Read by New Jersey HOA Board Members and Managers

Acquiring a Loan for Your Community Association By Alyssa Gautieri

HOA QUALIFIED MANAGEMENT COMPANIES

“Reality...has a way of intruding into perfect scenarios, and many association boards and managers find themselves scrambling to find palatable funding options...”

Somerset Management Group

Board Election Procedures – What Community Associations Need to Know By Sherri Hall

ACCOUNTANTS: Wilkin & Guttenplan, P.C.......................6 ATTORNEYS: Ansell Grimm & Aaron, PC...................7 Becker..................................................5 Stark & Stark........................................3 BUILDERS/CONSTRUCTION: Add-Ventures Building Services...........8 CONDOMINIUM PROJECT APPROVAL CONSULTANTS: Project Support Services.................... 18 ENGINEERS: DW Smith Associates, LLC................ 18 The Falcon Group................................4 FWH Associates, PA.......................... 13 O&S Associates................................. 17 GUTTERS & GUTTER CLEANING: Gutter Master..................................... 16 pair, it has become increasing- ly popular for associations to borrow money to pay for capi- tal repairs within a commu- nity. Associations fund their reserve accounts on an annual basis for future repairs based on reserve reports conducted by engineers. Reality, though, ©istockphoto.com W hether it’s for a planned project or an unexpected re-

A nnual board elections are an important part of every condominium and community association. We spoke with Stefan Richer, Esq., of Clemons Richter & Reiss, P.C. in Doylestown, Pennsylvania to learn more about the proce- dures an association should fol- low when holding an election. First and foremost, the board and management should be familiar with the association’s governing documents as they relate to notice, quorum, vot- ing and elections. Richter ex- plained that associations must strictly follow all procedural requirements to avoid a po- tential challenge. For example, the documents may specify whether or not a nomination committee is needed, if signa- tures are required for nomina- tions, whether or not nomina- tions from the floor are permit- ted, what the notice require- ments are prior to the election, what makes someone eligible to serve on the board and how long the service term is, etc.

INSURANCE: USI Insurance Services.........................19 Community Association Underwriters.....3 Mackoul & Associates, Inc.....................11 NFP Property & Casualty.......................14 LENDERS: Mutual of Omaha Bank, Community Association Banking/CondoCerts...... 12 National Cooperative Bank.....................15 PROPERTY MANAGEMENT: ABDM Property Management............... 6 Access Property Management............ 17 Associa............................................... 12 Cervelli Management.......................... 10 Diversified Property Management, Inc.....6 Executive Property Management........ 13 Homestead Management Services, Inc., AAMC............................................ 5 mem property management................. 2 Premier Management Associates......... 9 has a way of intruding into perfect scenarios, and many as- sociation boards and managers find themselves scrambling to find palatable funding options for capital projects and emer- gencies that arise from leaking pipes or extreme weather re- lated events. What can an association do about acquiring a loan in the case of an emergency repair?

Prime Management, Inc., AAMC........ 18 RCP Management Company, AAMC, AMO.....................................................11 RMG - Regency Management Group, AAMC......................................................19 Somerset Management Group........... 13 Taylor Management Company.............. 7 Towne & Country Management.......... 15 PUBLIC ADJUSTER: M. Miller & Son...................................... 8 RECONSTRUCTION/ RESTORATION: Accurate Reconstruction..........................4 Regal Restoration...................................10 ROOFING/SIDING/WINDOWS: Add-Ventures Building Services..............8 CONTINUES ON PAGE 19. Tunnell recommended that a community try its best to put as much into reserves as possible on an annual basis to keep up with repairs and We spoke with Jared Tunnell, senior vice president for National Cooperative Bank in Arlington, Virginia, to learn all about the best practices for acquiring a community asso- ciation loan.

CONTINUES ON PAGE 18. Once all the notice require- ments have been met, candi- date eligibility has been de- termined, the nomination pro- cedures have been followed and candidates have been nominated, ballots and proxies must be created. In many cas- es, the governing documents specify ballot or proxy format as well as the method and tim- ing of delivery. Typically, votes will be collected at the end of the annual meeting, during which the candidates may be given time to speak and to in- troduce themselves. However, the election can only be held if a quorum is present as set forth in the governing docu- “...associations must strictly follow all procedural requirements to avoid a potential challenge.”

INDEX OF INDUSTRY LEADERS

Visit us on the web at: www.AssociationHelpNow.com

Made with FlippingBook - professional solution for displaying marketing and sales documents online