Articles: Finance

Why Do We Need Reserves?

Equipment and major components (like the roofs) must be replaced from time to time, regardless of whether we plan for the expense. We prefer to plan and set the funds aside now. Reserve funds aren’t an extra expense—they just spread out expenses more evenly. There are other important reasons we put association monies into reservesRead More
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Are You Adequately Insured?

Condominium owners sometimes assume that the association’s master insurance policy is all the coverage they need. The master policy actually only covers the building, not your personal belongings, or any upgrades you’ve made to your unit.
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Working to Protect Your Money

One of the most important responsibilities of the board is to manage the association’s funds—your money. We take this responsibility seriously; these are the procedures we insist on to protect your money: Association financial records are audited annually by a certified public accountant. Bank statements are reconciled promptly each month. The balance sheet and profitRead More
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Mortgage Loans—Do You Qualify

If you’re thinking of moving up, but you’re unsure whether you can qualify for the mortgage loan you need, the Federal Reserve Bank website can help. Using its Partners Online software, you can calculate just how much you can afford with either a conventional or FHA loan. It also allows you to compute your principalRead More
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Get a Free HealthCheck Consultation

How healthy is your Association? How healthy is your Association Management? GOProperty Management offers a Consulting service called HealthCheck, designed to help you answer those questions. There is no charge and no obligation for this service.

Learn more about HealthCheck

 

State Statutes

Download documents that govern the property management industry in North Carolina.

Ch. 47C - Condominium

Ch. 47F - Planned Community

Ch. 55A - Non Profit