Summer 2016 Front Page – Nation’s Housing: Congress weighs tax bill to help associations

by Kenneth Harney WASHINGTON – They are a giant presence in American real estate, but they get short shrift in the federal tax code: the estimated 340,000 communities across the country that are governed by homeowners’ associations and are often subject to a form of double taxation. Upward of 67 million people live in these communities – ranging from sprawling master planned subdivisions down to individual condominium or cooperative developments. As of 2014, they contained nearly 27 million housing units. Their homeowners’ associations often provide the functional equivalents of municipal and county services, and residents nationwide pay roughly $70 billion a year in regular assessments to fund road paving and maintenance, snow removal, trash collection, storm water management, maintenance of recreational and park facilities, and […]

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Financial Statements – Why do auditors require a representation letter?

Michael S. Boychuk, CPA At the end of the audit field work (or review procedures), the certified public accountant (CPA) will draft a representation letter to be signed by an association officer and the management company (if not self managed). These letters are very often signed without knowing or understanding what is being confirmed to the auditor. Is it that they don’t care what they are signing or are they too embarrassed to admit they don’t understand it? The importance of a representation letter as an audit procedure cannot be overemphasized. A CPA cannot give a “clean” (unmodified) opinion on the financial statements without the representation letter. An audit report would have to be qualified for an omission of such an audit requirement. In addition […]

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Landscaping – Ponder These Thoughts

SOLitude Lake Management wants your pond to be prepared for warm weather. With this in mind, we recommend that you consider the following during the summer months: Warm summer weather seems to bring out the best and the worst in ponds. Although pond algae and aquatic weeds seem to be more abundant at this time of year, a year-round maintenance plan is the best way to ensure a healthy pond all year long. Summer is the perfect time to think about pond aeration. The warmer water temperatures can be detrimental to the overall health of your pond. Increase oxygen, reduce stagnation and stratification, and prevent algae, mosquito breeding, fish kills and many other water quality problems with a properly sized aeration system. Mosquitoes can ruin […]

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CAI-WNY Welcomes New Bronze Business Partners

Aerial Roofing & Exterior, Inc. is a locally owned and operated home improvement contractor specializing in roofing. We are celebrating our ninth year in business. How does the “Aerial Difference” impact community associations? We perform a roof inspection and compile a detailed report on roof condition. This diagnoses and addresses current issues and helps create a budget and timeline for future replacement. Warrant materials, labor, and all other associated roof expenses for a non-prorated period of 25 years (where applicable). Budget roofs for every 25 years or manufacturer pays for it. Familiarity with community association developments and in establishing a safe working environment for all residents, visitors, and workers involved with projects, while maintaining a productive and efficient project. We provide specific parameters and instructions […]

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President’s Message

  Looking forward to a great year for CAI-WNY! – Jean Kough, CMCA, AMS I’m looking forward to my new opportunity as president of CAI-WNY. I follow the two-year term of Dick Aikens, who will continue to serve the chapter as a board member. I’m fortunate to have the support of a knowledgeable and experienced board of directors, some of whom have also served as president of the chapter. (Our 2016 board members are listed here.) My goals for the chapter mirror those of our business plan: retention and growth of our membership by continuing the education offered at our programs. We encourage you to attend our programs like the recent “How to Deal with Difficult Situations.” Our panel of experts had backgrounds in legal […]

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