March 2018

HML-4488 construction ad mech02.qxp_1/2 pg vertical 9/17/15 4:14 PM Page 1

EXPERTS... from page 25.

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

Who canYOUR Association count on today for guidance in Transition and Construction Defect Litigation?

A Professional Corporation

Hueston McNulty, P.C. Defense and General Counsel Serving New Jersey, New York & Pennsylvania 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

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