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Monthly Insights
Jim Yost, owner of Elite Management and Ocean Property Management, writes regular condominium association informational newsletters. These informational pieces are linked below.
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For additional advisory services on any of the information in the articles you can contact Jim Yost at 609-675-6835.
Insight Article Links
Protecting and Investing Reserve Funds - Part 2
As a result of the requirements of the Structural Integrity Act, the “Act”, in coming years condominium and community associations should be realizing a growing accumulation of reserve funds. For some associations, hundreds of thousands of dollars in association reserve funds will be under control of volunteer board members, some of whom have little or no experience managing reserve funds and investments.
Coming Soon
Check back soon for the next condominium association article. Articles are posted monthly and on occasion bi-monthly.
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Have you read our past articles? Check out our other website pages with articles saved by year published.
Coming Soon
Check back soon for the next condominium association article. Articles are posted monthly and on occasion bi-monthly.
​
Have you read our past articles? Check out our other website pages with articles saved by year published.
Failure to Comply with the Structural Integrity Act
If a New Jersey condominium association fails to comply with the Structural Integrity Act, it could face fines, legal consequences, and in cases of severe structural risks, authorities may order the evacuation of the building if the association fails to address the issues promptly.
Characteristics of Effective Board Members
Effective condo board members are characterized by strong communication skills, a commitment to transparency, a dedication to the community, and a willingness to learn and adapt. They also need to be organized, financially savvy, and able to work collaboratively to make informed decisions for the benefit of the entire community.
Protecting and Investing Reserve Funds – Part 1
Reserve fund management is an important part of an association’s overall fiscal practices plan that includes conducting regular reserve studies, adequately funding reserves, establishing clear investment guidelines, and maintaining transparent financial practices.
Understanding the Capital Reserve Study - Part 3
Reserve Studies are prepared with three different levels of service: full service, update with site visit and update without a site visit. Specifying the level of service allows for easy comparison between different reserve studies and ensures that the association understands the scope of the work performed. Knowing the level of service helps the association understand the methodology used in the study, which is crucial for interpreting the findings and making informed decisions.
Understanding the Capital Reserve Study - Part 2
The reserve fund is the savings account for the association, used to cover repairs and replacements for association assets. A reserve study must analyze the current balance in the reserve fund, future contributions, and projected expenses to determine if the fund is adequately funded and to develop a sustainable funding plan.
Understanding the Capital Reserve Study - Part 1
What exactly is a capital reserve study? A capital reserve study (“CRS”) is a comprehensive report that analyzes a property's physical condition and financial health, specifically focusing on the long-term costs of repairing and replacing common area components and recommends a funding plan to ensure those costs can be met.
Swimming Pools – Part 3 Sanitizing Options and Operating Costs
Swimming pools are a common amenity in seashore condos because they offer a comfortable place to swim, exercise, and cool off. Part 3 in this series will discuss the most common types of disinfection chemicals and systems, costs of operation and budgeting for pool operation.
Swimming Pools – Part 2 To Guard or Not to Guard
Although most condominium and community associations want to ensure the safety of their residents and guests, in New Jersey the law does not mandate the expense of a lifeguard for all swimming facilities. Under the New Jersey Bathing Code, a private non-profit community association swimming pool can be exempt from lifeguard requirements if it meets certain criteria. (NJAC 8:26-5.1)
Swimming Pools – Part 1 Safety Inspections
Swimming pools are subject to numerous mandatory safety-related inspections. The Code requires that commercial pool facilities be inspected and certified by a licensed electrician every five years for bonding and grounding compliance. In addition, the municipal electrical code official conducts an annual bonding inspection of all commercial pools.
Elevators
Elevators are complex systems of equipment providing essential service to associations and their members. Association boards’ approach to elevator maintenance and management should ensure safe, efficient and cost-effective operation of this critical asset.
Resale Transaction Package
A resale transaction package, also known as a resale closing package or simply a resale package, is a collection of documents that provide information about a specific condominium unit or residence within a community, condominium or homeowner’s association at the time of a change in unit ownership.
Fiduciary Duty, Codes of Ethics & Conflicts of Interest
Board members are legally obligated to act in a trustworthy and responsible way on behalf of the condo community as a whole. A board member's primary responsibility is to the entire condo association, not individual unit owners, even if their personal opinion differs. A condo board member’s fiduciary responsibility is to help the association succeed while adhering to the governing documents.