Pending Litigation, Good News!
Representatives Eshoo (D-CA) and Thompson (D-CA) have introduced a bill that would make HOA assessments deductible from federal taxes. Please read the press release here. Known as the HOME (Helping Our Middle-Income Earners) Act, this bill is now bi-partisan with Representative Barbara Comstock (R-VA) signing on as co-sponsor. Click here to contact your Representative today and urge them to co-sponsor the HOME Act.
AB 1799 is another piece of good legislation. If enacted, it will allow an association to avoid expensive elections when there are an equal or lesser number of candidates than open seats on the board (election by acclamation). This bill passed the full Assembly on May 13th. It will now go before the Senate. Stay tuned for future updates as this could really streamline the election process for many associations, and save money as well!
Last but not least, AB 1720 has been stopped in its tracks! This bill would have allowed a non-member (attorney, contractor, friend, anyone!) to attend and represent a resident at board meetings with or without the association member present. This was an unnecessary bill that would have added potential for conflict at board meetings and increased costs for boards not represented by counsel.
What are people saying about CFM?
HOA Industry CPA
To read more client testimonials, click here
The Franklin Award
The Franklin Award is a company reward of a $100 bill given to one employee per quarter in recognition of an outstanding achievement or extraordinary task completion. They can be nominated by their fellow employees, by a homeowner, board member, or colleague. The Franklin Award winner for Spring 2016 is Lynn Lopez, Financial Reporting Manager. Lynn was nominated by a client manager for how great she is to work with, as well as being nominated internally by a co-worker for taking on challenging projects without complaint.
Well done Lynn!
Keeping you up to date with information such as this is a reminder why you have chosen CFM as your financial management team. CFM is the only accredited financial management firm in California. We appreciate the opportunity to serve your Association!