Questions from the Listserv

NBC-CAM hosts a listserv for community association managers. The listserv is intended to create a powerful, on-line community for community management professionals to share information. Recently, some questions have been sent to the listserv. Are you able to help? Leave and answer in the comment section below and NBC-CAM staff will post your answer to the listserv.

Question 1: Karen from California

I am working with an Association in the process of amending the Restrictions and the Board is trying to institute a rental cap and we are running up against major opposition from the membership. We have tried to explain the benefits of a rental cap i.e.: Clearly, the imposition of a rental cap has both benefits and burdens. We are not experts in real estate valuation but understand that a community which is primarily non owner occupied is viewed as less desirable, i.e., of a lesser value. Where the residences are occupied by owners, there is typically a pride of ownership. Landscaping and other components are often better maintained, violations of the use restrictions are less frequent, etc. Perhaps the most important factor to consider is the ability of a buyer to obtain financing to purchase a unit. If the ratio of non owner occupied units is too high, FHA will not guaranty a loan and/or a lender will not provide financing.  Do any of us have any guidance to assist us in this endeavor?

Question 2:  John from Florida

How often do you audit your properties? Full audit or financial statement audit only? Our bylaws are not clear whether to full audit every 3 years, yearly, full audit or only financial statement.

Question 3: Lillian from North Carolina

My association’s bank notified me that a homeowner’s check was returned for NSF. The Homeowner claims their bank paid it and debited their account.  The Homeowner’s bank claimed, in a letter, that the check was paid.  The Homeowner’s bank has not responded to my emails/phone messages asking for a copy of the transaction showing they honored the check. My association’s bank also has not provided me with a copy of the transaction being rejected other than their standard form for Returned Checks with a copy of the rejected check.  We are at a stalemate.  I have never had this happen before, in 26 years.  Has anyone else had this experience?  I’m not sure where to go from here.

 

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About CMCA ~ The Essential Credential

CAMICB is a more than 25 year old independent professional certification body responsible for developing and delivering the Certified Manager of Community Associations® (CMCA) examination. CAMICB awards and maintains the CMCA credential, recognized worldwide as a benchmark of professionalism in the field of common interest community management. The CMCA examination tests the knowledge, skills, and abilities required to perform effectively as a professional community association manager. CMCA credential holders attest to full compliance with the CMCA Standards of Professional Conduct, committing to ethical and informed execution of the duties of a professional manager. The CMCA credentialing program carries dual accreditation. The National Commission for Certifying Agencies (NCCA) accredits the CMCA program for meeting its U.S.-based standards for credentialing bodies. The ANSI National Accreditation Board (ANAB) accredits the CMCA program for meeting the stringent requirements of the ISO/IEC 17024 Standard, the international standards for certification bodies. The program's dual accreditation represents compliance with rigorous standards for developing, delivering, and maintaining a professional credentialing program. It underscores the strength and integrity of the CMCA credential. Privacy Policy: https://www.camicb.org/privacy-policy

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