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Provided by: Lorman Education Services Capital Improvements for Condominium and Homeowners' Associations |
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Training
Provided by Lorman Education Services
nThe common elements of all forms of community associations are in a never ending cycle of deterioration. It is the fiduciary responsibility of the association's board of directors to protect and maintain the community. It is not optional to address the physical condition of the community in a well-considered manner. This teleconference will help you develop strategies. The board itself needs to be convinced of the need for action. They then need to be able to convince the unit/lot owners of their responsibility to support a planning capital maintenance program. The final step is to develop a financial planning model to support the cost of maintenance. The end result will be all about maintaining the highest possible level of property values.
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nLearning Objectives
n- You will be able to distinguish different legal requirements.
n- You will be able to prepare Board and Unit Owners for proper financial planning.
n- You will be able to devise funding sources.
n- You will be able to breakdown bank loans, loan applications and how to structure a loan.
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Capital Improvements for Condominium and Homeowners' Associations
Agenda
- Maintaining the Physical Elements of an Association Is Like Painting a Bridge - Once Completed, You Must Start All Over Again
- Capital Maintenance, the Definitions Thereof, Building Reserves and Gaining Approval to Proceed With a Project
- Get the Evidence
- An Unwavering Truth
- The Building's Common Elements Will Wear Out
- The Project Will Not Get Cheaper
- Maintaining the Common Elements Is Not Discretionary
- Convincing the Board and Unit Owners Into Proper Financial Planning
- Know the State's Laws Governing Reserves and Capital Maintenance
- Know What the Association's Governing Documents Say About Reserves and Capital Maintenance
- Have a Reserve Study Performed
- A Reserve Study
- Develop a Financial Policy
- Obtain a Reserve Study and Understand That It Is a Living Document That Needs to Be up Dated Every Three to Five Years
- Changing Inflation of Construction Labor and Materials Changes the Future Estimated Cost Basis Within the Reserve Study
- Environmental Impacts Are Likely to Alter the Estimated Remaining Life Cycles of the Common Elements
- Obsolescence Can Be Identified: Aesthetic, Fire and Safety Codes, Product and Material Enhancements
- Important Things to Know
- The Reserve Component Roster
- Condition Assessment
- Life and Valuation Estimates
- The Cash Flow Method
- The Component Method
- The Future Is Now: Financial Responses for Communities 16 to 25 Years Old
- Funding Strategies
- Building Reserves: Follow the Reserve Study
- Capital Maintenance Component of the Budget
- Nontraditional Income Sources
- Maximizing the Earnings on Reserves: Have an Investment Policy
- Project Specific Special Assessments
- Bank Loans
- Is It Better to Pay Interest on Borrowed Month vs. to Have Earned Interest on Accumulated Cash
- Preparing to Apply for a Loan
- Loan Application
- Structuring a Loan
- Questions and Answers
About The Training Provider: Lorman Education Services
Lorman Education Services - Lorman Education is dedicated to providing cost-effective training opportunities that meet the needs of our members and enhance their skills, knowledge, and competencies.
Please use Priority Code 16175 when registering.
Lorman Education Services began offering continuing education seminars in 1987.
Lorman Education is dedicated to providing cost-effective training opportunities that...
