Author: YourCornerstoneTeam

Phones Back Online

Thanks so much for your patience while our phones were down. We are back online at this time.

Technical Difficulties – Phones Down

We are experiencing issues with our phones and they are down at the moment.  We are working diligently to fix the issue so that we can be back in touch.  In the meantime, you can reach us at mail@yourcornerstoneteam.com.  Thank you and have a great 

Reserve Specialists and CAI Credentials

Much like knowing that your attorney or other business partner has earned the Educated Business Partner Distinction (Ashley Nichols of Cornerstone Law Firm, P.C. has!), you should also be asking whether your reserve specialist has earned CAI’s Reserve Specialist credential.

Jars of coins.

Community associations rely on qualified reserve specialists to assist them in extensive reserve planning to keep their communities running smoothly. Community Associations Institute awards this designation to qualified reserve specialists who, through years of specialized experience, can help ensure that community associations prepare their reserve budget as accurately as possible.

Qualified reserve specialists will have prepared at least thirty (30) reserve studies in the past three full calendar years, hold a bachelor’s degree in construction management, architecture, or engineering (or equivalent experience and education), and comply with strict rules of conduct outlined by the Professional Reserve Specialist Code of Ethics.

And once obtained, reserve specialists must redesignate every three years. Does your provider hold the credential?

If you have questions about your community’s reserve specialist, or want more information on how to find a credentialed professional, reach out to Cornerstone at mail@yourcornerstoneteam.com or head to Community Associations Institute’s webpage for more information!

Another Bill Affecting Landlords/Tenants Introduced

HB19-1118 was introduced this week relating to landlord/tenant issues.  Introduced on January 16, 2019, if passed, would require a landlord to provide a tenant fourteen (14) days to cure a violation for unpaid rent or for a first violation of any other condition or covenant 

Landlords! New Bill Introduced Regarding Rental Application Fees

HB19-1106, also known as the Rental Application Fairness Act (creating C.R.S. § 38-12-901 et seq), was introduced in the house on January 14, 2019.  If passed, the bill would do three things: Limit the application fee that a landlord may charge an applicant to the actual 

Acceleration – A Tool in Your Debt Collection Toolkit

Assessments are the cornerstone of an association, and the necessity of an association to collect delinquent assessments is of utmost importance – an association cannot be run without assessments being paid!

It’s the start of a new year and your Board likely has its delinquencies on the top of their minds.  So how does your association aim to reign in delinquencies?   One of the potential tools in your association’s toolkit is acceleration.  The new year is a great time to think about accelerating the balances due on your delinquent accounts.  Acceleration allows a board to call due the entire fiscal year’s debt against the owner’s account, rather than just the current delinquency.  Consider especially those owners who may be chronically delinquent.

For example, John Doe (it’s not his first rodeo) has been consistently delinquent for years.  On January 10th, the association turns the account over to its attorney for collections.  The current balance due at that time is $1,000.  However, the board, due to the owner’s continued delinquency, has reviewed its documents and decided to accelerate Mr. Doe’s assessments for the year.  At $100 per month, an additional $1,100 would be added to the balance, making the total amount due $2,100.  Rather than proceeding to collect on the $1,000, the attorney can now attempt to collect on the $2,100.  If it takes six months to collect, once complete, the association will still be paid in full through the end of the fiscal year.  You only hope that the owner will pick up paying regular assessments at the start of the next fiscal year!

As we head into the new year, assess your documents to ensure that your community has the ability to use this tool.  If you’d like to discuss this or other debt recovery solutions, please contact us at mail@yourcornerstoneteam.com or 720.279.4351.

Off and Running – First bill affecting HOAs has been introduced!

Off and Running – First bill affecting HOAs has been introduced!

HB-1050 was introduced in the house on January 4, 2019. The bill, if passed, would augment the existing law that establishes the rights of unit owners in common interest communities to use water-efficient landscaping (xeriscaping), subject to reasonable aesthetic standards.  The change would extend that 

The 2019 Colorado General Assembly Regular Session Convened Today!

The 2019 Colorado General Assembly Regular Session Convened Today!

The 2019 General Assembly convened today and just like last year, Cornerstone will be keeping on top of issues that affect community associations and landlord/tenant law.  You can check our website here for updates throughout the session. In case you are curious as to how a 

Ashley Nichols Elected to CAI Business Partners Council

Cornerstone is excited to announce that Ashley Nichols was recently elected to CAI’s Business Partners Council!  Ashley is appreciative of the opportunity to represent both the Rocky Mountain and the Southern Colorado Chapters of CAI at the national level! 
 
The Council provides input on policy matters to the CAI Board of Trustees, and serves as a key resource to staff. Members of the group give their constituencies a voice in crafting CAI policy and work to ensure that CAI continues to provide services and benefits that members need and value.

She’s looking forward to her seat at the table starting in 2019!  For more information about CAI at the national level, visit www.caionline.org

Drones, Drones, Everywhere – What Does Your Association Need to Know?

According to the Federal Aviation Administration (FAA), in 2018, there were over one million registered consumer drones in the United States.  If you are like me, you may not have known that if you have an unmanned aircraft system (UAS or drone), you are now