AB 2912 helps ensure California community associations have financial protections in place by requiring them to carry fidelity coverage in an amount equal to the current reserve funds plus three months of assessment revenue, covering dishonest acts by the managing agent, computer fraud and wire transfer fraud. It will also require Board approval for fund transfers over $10,000 or 5% of the total deposits, whichever is lower, and will require at least two Board members to review the association's financial reports on a monthly basis. The HMC portfolio management team has been reviewing current insurance coverage for each of our clients to identify those who may need to increase their Fidelity coverage to comply with this new law effective January 1, 2019. Most clients are already carrying the new required amount of Fidelity coverage so as to meet the most common lending underwriting guidelines. Attracting a larger pool of potential buyers should in turn help boost property values.  Please feel free to contact your manager directly with any questions you may have. 

 

HMC would like to extend a very warm welcome to the residents of one of the newest additions to our community management portfolio; The Beacon Ridge Association, Walnut Creek. Thank you for trusting in HMC to provide full-service professional community association management to your association and its members. 

 

Team HMC Recognized In the Industry

HMC now has another PCAM on the team! Please join us in congratulating portfolio manager Laura Ravazza for earning her Professional Community Association Manager (PCAM) designation from the Community Association Institute (CAI) recently. The PCAM is recognized as the most difficult to obtain industry designation and we are proud of Laura for the hard work and dedication she put in to reach this milestone. HMC is proud to support our staff by investing in their education and career goals. 

Once again, Team HMC will be attending the California Association of Community Managers (CACM) Northern California Law Seminar in late January. We look forward to bringing back valuable information and education regarding new and pending laws as well as industry best practices to share with our clients. We also hope to bring home some awards to share from the following nominations! 

Giving Back to the Community

February Board of Directors Educational Workshop:  

Why Do We Need Construction Management? 

Presented By: CM2

Thanks to everyone who joined us for our 2018 Board of Directors Educational Workshop series. We enjoy bringing valuable educational programs to volunteer Directors, helping them become more effective leaders for their associations. It's admirable to see so many volunteers take the time to learn more about HOA governance, legal matters and best practices when it can often be such a thankless job. We look forward to seeing you February 27, 2019 for our next workshop: "Why Do We Need Construction Management" presented by CM2 Constrution Management. 

If you are an industry service provider interested in participating in our 2019 Board of Directors educational series, please contact us at [email protected]