August 2024 CT

PROCEDURE REPORTS... from page 58.

certain rare cases, if both parties are not able to negotiate a settlement, the matter may be decided in court. If that is the case, the accountant can only appear as a factual witness and not as an expert one and the accountant can only testify to the calculations in the report and not give any opinions as to the merits of the reasons for the calculations. I am hoping that after reading through this article the readers have a better understanding of what an Agreed Upon Procedures report is and what role it and the accountant play in the transition process. n 2024 to oversee the requirements of reserves, structural integrity, and inspections of certain properties will continue to enter the statue and boards must make use of their legal and management team ensure they are educated on these new statues as the come into effect and how they might alter the transition process. While the work of boards, manag ers, and their professionals will never end making it through the transition process is a huge accomplishment for any team and they should all take pride that they have taken the first big step into being a functioning commu nity association. n

Your requests are welcome...

the accountant. That is usually the last step in the process before a final copy of the report is issued. The AUP report is usually used as a negotiating tool in the transition pro cess. The board should keep in mind that just because the report states a certain amount due from the develop er is not necessarily what they will be getting back. As negotiations contin ue, the amount to be paid to the asso ciation, if any, may be very different from what is reflected in the report. In with the transition team. It is important that while the transition process is going on that professional decorum is maintained by all parties involved and that while homeowners may wish for detailed updates, they must be educated that their board and com mittee who have been elected and appointed will work with the associa tions professionals to come to the best outcome for the association using the business judgment rule. New laws like Senate Bill S2760 which was signed into law in January TRANSITION... from page 40. CAI-NJ and the Editorial Committee are always looking for new articles to publish in Community Trends. ® Click here for author guidelines and upcoming themes. If you are interested in submitting an article for possible inclusion in Community Trends ® , please contact: Brooke Stoppiello-Nevins 609-588-0030 or brooke@cainj.org

Community Trends

®

February 2022

DISASTER RESPONSE

ronniechua/iStock/Getty Images Plus

In This Issue

• What’s the Plan When it Hits the Fan: Natural Disaster Preparedness and Coverage • Façade Leaks and Repairs • Winter Worries: All About Ice Damming • Do One Thing Better — Storm Preparedness ....and more

Readers of Community Trends ® can ask the Editorial Committee of the magazine for their feedback about any issue facing the community association industry. The committee is made up of legal, insurance, engineering and property management professionals with a wealth of information and experience specific to community associations. Contact Brooke Stoppiello-Nevins: Phone: (609) 588-0030 Email: brooke@cainj.org

Write for Community Trends ®

60

AUGUST 2024