CAI-NJ May 2018 (w)

STAYING COMPETITIVE... from page 25.

the past. Boards should consult with their attorney on what changes can and should be made. Are you looking beyond the current year when prepar-

Do the association’s documents allow for certain upgrades or changes to the common elements?

that plan is developed and finalized, the board should doc- ument the decision for future boards to follow. Funding in accordance with the plan and the study’s recommendations is essential to maintaining healthy reserves. Do the association’s documents allow for certain upgrades or changes to the common elements? It is important to under- stand what the association’s governing documents allow the board to do or not do. Depending on what the documents allow, the board could consider building upgrades or chang- es to the common elements into their long term plan. Having the funds available to keep the common elements current will help keep property values competitive. Has the board considered the Radburn Bill? –The Radburn Bill was passed in 2017, which makes significant changes to the Planned Real Estate Development Full Disclosure Act regarding procedures for board members and voting. This bill may now allow boards to make certain changes to the governing documents that they had difficulty changing in

ing the operating budget? Operating budgets typically cover the subsequent fiscal year but boards should look ahead further than just that year. There are things you can do today for anticipated expenses over the next 3-5 years. Anticipating and planning for future expenses will help maintain sound financials. Plan ahead. Be prepared. Change with the times. We all heard these things many times before and they hold true to managing a condominium in the New Jersey condo market. Forward thinking boards can help keep the units in your community in high demand. Associations that plan ahead, stay ahead. n

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