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M A R C H , 2 0 1 8
The board, with the advice and
guidance of the property manage-
ment company, would hire an engi-
neering firm to come in every three
years, inspect the community, and
then update and revise the study
as appropriate, based on current
conditions. The study typically lays
out projections on time and replace-
ment costs of such big-ticket items as
the roofs, roads, sidewalks, common
areas, and so on. The board would
use these recommendations, after con-
sulting with the property management
company, as a basis for determining
the level of funding required to be set
aside in the long-term capital budget
for those purposes. Having a prop-
erty management company with its
vast experience in operating commu-
nity associations to draw from is an
invaluable resource for the board of
directors.
The property management company
might also handle the nuts and bolts of
preparing and maintaining the financial
books, billing, accounting records, and
so on. The board of directors, under
the established contract agreement, must
retain an accounting firm to conduct
legally required annual independent
audits and to provide information and
guidance regarding the association’s fiscal
health, relative to community association
industry standards and practices. As with
the property management company, the
board will significantly benefit from the
accounting firm’s years of experience and
expertise auditing community association
financial records and providing the
EXPERTS...
from page 25.
CONT I NU E S ON PAGE 46
Hueston McNulty, P.C.
Defense and General Counsel
Serving New Jersey, New York & Pennsylvania
A Professional Corporation
N
Value–Experience–Quality
We provide our Association clients with qual-
ity and value.We strive to solve the problem–
resolve the issue–and make life easier for our
Associations and their property managers.
Samuel J. McNulty, Esq.
smcnulty@huestonmcnulty.com/www.huestonmcnulty.com
Tel: 973-377-0200 / Fax: 973-377-6328
Florham Park - Sparta - Toms River - Philadelphia - Manhattan
Who canYOUR Association
count on today for guidance in
Transition and Construction
Defect Litigation?
HML-4488 construction ad mech02.qxp_1/2 pg vertical 9/17/15 4:14 PM Page 1