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Condo Insights <br> <br>#66__ Characteristics Condo Insights #66__ Characteristics of effective board members Many shore condominium associations have their annual meeting and election of board members at their end-of-season meeting, typically around Labor Day. The meeting serves as a recap of the summer season; planning and communication of off-season projects; financial review and some associations even approve the budget for the upcoming fiscal year at this meeting. Board members are elected from among the members to manage the business of the association and maintain the association s common elements. From among a group of individuals with nothing in common other than the shared real estate of the condominium, how can you identify who among to members is best qualified to serve as an effective board member? 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. Board members should be able to clearly and effectively communicate with residents, other board members, and property managers. This includes active listening, being able to explain complex issues, and delivering information in a timely and accessible manner. Effective communication skills are essential for a board member to interact with the condo community, other board of directors, as well as contractors and other individuals involved with the association. A good board member should have a basic understanding of the governing documents, regulations, and bylaws of the association. Transparency builds trust and fosters a sense of community. Board members should be open about their decision-making processes, financial matters, and any issues affecting the condo association. Board members should be able to work as a team, respect diverse opinions, and make decisions based on consensus. Being able to work collaboratively with other board members, property managers, and residents is vital for successful board governance Board members should be able to mediate disputes and find solutions that address the concerns of all parties involved. Day to day, board members should possess strong problem-solving abilities to address issues and conflicts that arise within the community. Effective condo board members can guide discussions, facilitate meetings, and inspire others to work towards common goals. This is especially important when the association faces major repair and maintenance projects. Board members must act with honesty, integrity, and in the best interests of the community. When making tough decisions, board members must adhere to a strong code of ethics, acting honestly, fairly, and transparently. Board members may also face challenges and criticism, so resilience is key to staying focused on the community s best interests. Handling criticism and conflict requires a combination of respect, focus and diplomacy. By maintaining a positive approach and respecting differing opinions, board members can help create a productive and open environment. The legal and regulatory landscape for condos is constantly evolving, so board members should be committed to staying informed about best practices and relevant laws. Serving on a board requires a significant time commitment. For many, its an unpaid part-time job. The board members should be prepared to dedicate attention and effort. By embodying these characteristics, condo board members can effectively serve their community and contribute to a positive living environment for all residents. Board members should be community-oriented. A genuine interest in the well-being of the condo community and its residents is crucial. This involves understanding residents needs and concerns, and working towards solutions that benefit everyone. Being open to new ideas, suggestions, and feedback from owners fosters a positive community environment. Jim Yost owns Elite Management and Advisory Services, LLC and is co-owner / Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@comcast.net. Board members need to understand basic financial principles, be able to review and interpret financial statements, and make informed decisions about the condo s budget and reserve funds. Understanding the financial aspects of the association, such as budgeting, financial statements, and reserve funds is crucial for effective decision-making. Effectively managing the condo association requires careful attention to detail, record-keeping, and following through on commitments. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@lowenstein.com. The entire Condo Insights series of articles is available online at www. oceanpropertymgmt.com
 
Condo Insights <br> <br>#67 Condo Insights #67 Protecting and investing reserve funds Part 1 In 2024 New Jersey Governor Phil Murphy signed into law S2760/ A4384, commonly known as the Structural Integrity Act, the Act . The Act requires all condominium associations to conduct regular periodic structural integrity inspections (every five years), perform regular reserve studies, mandates following recommended annual reserve contributions and that associations maintain adequate reserve funding. Many associations will have their first Capital Reserve Study ( CRS ) prepared in 2024 or 2025. With the Act requiring associations to fund the reserve contributions recommended in their respective CRS, it is reasonable to expect that reserve contributions for many associations will increase in upcoming fiscal year operating budgets. In coming years condominium and community associations will 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 may have little or no experience managing reserve funds and investments. 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. A board member s top priority safeguarding association s assets and managing reserve funds comes with great responsibility. The board has a fiduciary duty which includes careful consideration of where funds are invested, protecting the association funds and ensuring best possible financial outcomes while minimizing risk to those investments. While board members bring their knowledge and experience to the table for the benefit of the community, a financial advisor and/or the property management company can bring investment expertise when the board is looking to invest reserve funds. There are steps condominium or community association board members can take to protect and invest reserve funds. There may be legal parameters around how an HOA or condo association board can invest reserve funds. Reserve fund management can also be influenced by laws of the state and community needs. Some association governing documents include guidelines for reserve fund management. The Board will want to research if there are any reserve fund laws in their state to understand what a board can and cannot do, and what the association must abide by or adhere to. Keep reserve funds in a separate account from operating funds to clearly track and manage them. Withdrawals from the reserve fund should require authorization from at least two board members for added security and control. All transactions should be properly documented on financial statements and supported with invoices or contracts. The board should regularly review financial statements and bank statements to ensure accuracy and prevent fraud. Besides separation of operating funds and reserve funds for purposes mentioned previously, reserve accounts typically have less activity, more stable account balances and can be expected to generate more interest income compared to operating funds. Associations should establish a clear investment policy outlining acceptable investment types, risk avoidance or tolerance, and how often investments are reviewed. Short of a formal policy, associations are well advised to always protect the principal and then maximize the returns on investment. FDIC-insured options like money market accounts or CDs ensure funds are invested securely. Certificates of Deposit (CDs) earn interest on a deposit for a fixed term and have higher interest rates than regular savings accounts. CDs carry minimal risk, typically have lower returns compared to stocks and bonds, and there may be a penalty to pay for early withdrawal. A money market deposit account is a savings account, with a higher interest yield. There is a minimum investment the association must make, and there is limited access to withdraw funds if needed before the end of the term. Investing reserve funds in US Treasuries means associations don t have to pay local or state taxes on returns. However, they are locked in until maturity no withdrawals unless they are sold off. Associations can also invest in Treasury bills, Treasury notes and Treasury bonds. They have varying investment terms, but essentially the longer the money is left in the investment the higher the percentage of return. Associations should avoid risky investments. Why? Because even unintentional missteps in investments can have consequences. For instance, a poorly performing investment might leave the association short of funds for planned projects. Choosing risky ventures could open the door to legal troubles, with association members potentially suing the board for a breach of fiduciary duty. By sticking to FDIC-insured options, board members not only protect the community s funds but also ensure funds are available in the future. Part 2 of this article will discuss additional steps and controls to protect reserve funds, and practices to prevent misappropriation of reserve funds. Jim Yost owns Elite Management and Advisory Services, LLC and is Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@comcast.net. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@lowenstein.com. The entire Condo Insights series of articles is available online at www. oceanpropertymgmt.com
 

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