Sponsored

The reality

You’ve probably never read your building’s property management contract all the way through. Most board members haven’t either. If you did, you’d find a carefully defined scope of work — vendors coordinated, maintenance dispatched, assessments collected, reports generated.

What you wouldn’t find: anything about fiduciary duties. Reserve funding strategy. Compliance tracking. Case documentation. Institutional memory. The legal obligations that make your board personally accountable to unit owners.

That’s not an oversight in the contract. It’s the contract. Property management was never designed to cover governance. And yet most boards — paying $10,000 to $18,000 a year for the service — assume it does.

Operations and governance are different jobs. One has a contract. The other has a fiduciary duty.

What your building is paying — and what it’s getting.

What the contract covers. What it doesn’t.

The markup problem most boards don’t know about.

Beyond the management fee, most property management companies mark up vendor invoices — the plumber, the landscaper, the elevator contractor — by 10 to 15 percent before passing the bill to the association. It’s legal. It’s common. And boards have almost no visibility into it. (more…)


Environment


courtesy Parachute

From an email:

“About The Program

This summer, Parachute will launch in-store textile recycling for the very first time across its fleet of retail stores nationwide so that consumers can finally have an alternative to putting their beloved textiles in a dumpster. Parachute will accept sheets, towels, pillows, and robes in any condition, from any brand. As long as they’re freshly washed, they can be accepted with stains, breaks, or rips. With the help of partners at SuperCircle, Parachute will sort and recycle donated items for a second life – from new textiles to new projects, including furniture batting, insulation, and padding – sending nothing to landfill. In return, customers will receive a rare 15% discount code towards their next Parachute purchase.

Why We’re Doing This (more…)


NoMa (Near Northeast)


via Union Market District

From a press release:

“Join us for an adrenaline-fueled weekend at Union Market District! In partnership with Events DC, we’re creating a unique go-kart racing experience, powered by the world’s premier go-kart racing operator, K1 Speed. From September 19-22, and for the first time in DC, our parking lot at the Market will be transformed into an electrifying outdoor racetrack. (more…)


Rant/Revel


photo by Jordan Barab

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