Legal New Year Resolutions for Condo Associations

As we we enter a new year, condo associations are presented with the perfect opportunity to enhance their operations, foster community engagement, and ensure legal compliance. Here are five crucial New Year's resolutions that every condo association should consider:

1. Update The Budget: A sound financial plan is the backbone of a thriving condo association. Budgets are usually updated and condo fees adjusted effective January 1. As you update your budget, consider all potential expenses, including increased utility costs, maintenance, repairs, and any big upcoming projects. A well-maintained budget not only ensures the financial health of the association but also helps prevent unexpected financial burdens on owners.
   

2. Plan For Distribution of Notices and Information: Ensure that your condo association remains legally compliant by resolving to consistently send out required notices and information to all residents in a timely manner under the Bylaws, including information on updated condo fees. There may be other notices required by local laws or best practices.
   

3. Establish a Calendar of Meetings and Events: Organization is key to success, and a well-planned calendar can significantly contribute to the smooth functioning of your condo association. Outline a schedule for regular Board meetings, the Annual Meeting, and other events throughout the year. This not only helps in effective decision-making but also encourages resident participation and engagement.
   

4. Verify Insurance Coverages for Comprehensive Protection: The new year is an ideal time to review your association's insurance policies. Confirm that your coverages are still adequate and up-to-date. Ensure that you have adequate coverage for potential risks and liabilities, giving both the association and residents peace of mind in the face of unforeseen events.
   

5. Foster Social Connection Opportunities: Beyond the legal and financial aspects, it's essential to prioritize the social well-being of your community. Plan and promote opportunities for residents to connect, whether through social events, volunteer initiatives, or shared projects. A strong sense of community can lead to a more harmonious living environment and better collaboration among residents.

By adopting these New Year's resolutions, small condo associations can set the stage for a successful and well-balanced year ahead. Legal compliance, financial stability, effective communication, and social engagement are key pillars that, when reinforced, contribute to the overall well-being of the community. Here's to a year of growth, prosperity, and strengthened community bonds!