Financial

Maui County Election Results 2018

Maui has a new Mayor In what turned out to be a close race, Mike Victorino will be Maui’s next mayor, garnering 27,057 votes, or 53.6%. Ohana candidate Elle Cochran received 22,078 votes, or 43.8%. About the new Mayor. Victorino lists many years of community service on his website, including coaching baseball and being on the Maui Economic Development Board, the County Fair board, his church and numerous other community organizations. He served on the Maui County Council 2007-2016. Background. [...]

Education and career path to work in cybersecurity

Everything we do is impacted by the internet, so it is critical that we have humans as well as technology safeguarding how our data is being accessed and shared. October marks the 15th annual National Cybersecurity Awareness Month. It is a good time to remember our shared responsibility in protecting the internet. The National Security Alliance will be covering topics such as online safety at home and at work, and safeguarding the nation’s technology infrastructure. This article takes a deep d [...]

New Workforce Condos Under Construction in Kihei

The critical shortage of affordable housing makes the purchase or rental of a home by the majority of Maui’s working residents extremely difficult. As a result, the resident workforce is leaving Maui in search of affordable housing and any incoming replacements are dissuaded by Hawaii’s high cost of living. Residential Workforce Housing (“RWH”) was established by the Maui County Council under Chapter 2.96, Maui County Code (“MCC”). The purpose for creating RWH is to maintain a sufficient resid [...]

Condo prices rise while homes remain flat

The median price of a condominium on Maui jumped 27.5 percent last month, compared to August 2017, while the median price of a single-family home on the Valley Isle was unchanged, according to statistics from the Realtors Association of Maui. The median price of a Maui condo last month was $509,998, compared $400,000 in August 2017. That was based on sales of 146 units, which was 32.7 percent more than the 110 units that sold in August 2017. Sales of single-family homes on Maui rose 2.8 percen [...]

Should You Condominiumize?

Even those savvy about real estate may not know the full words or meaning of acronyms HPR or CPR. These stand for Horizontal Property Regime (HPR) or Condominium Property Regime (CPR), and refer to filing documents created when a condominium project is developed. However, you don’t have to be a big developer to create a condominium. An increasing number of homeowners have been condominiumizing residential properties in Hawaii over the past 15 years. Condos were created to make property more af [...]

Rising Interest Rates and the Effect on Real Estate

The Federal Reserve raised its benchmark interest rate a quarter of a point this week- just the fifth time during the recovery period of our nation’s most recent financial crisis. So what does that mean for home buyers and sellers? The short answer is, take advantage of the market as soon as possible. We could be in for a period of fluctuations. The Fed predicts interest rates will climb three more times in 2018. These predictions are fueled by economic growth and low unemployment. Last Friday [...]

2017-12-19T11:53:21+00:00Financial|

Financial Audits of Condominium Associations

Considering a financial audit? We'll review financial audits of condominium associations (Chapter 514B). There is no audit requirement for Planned Community Associations (Chapter 421J). Most Board of Directors of condominium associations and their managing agents do not give much thought to the auditor’s report. As long as the auditor issues a “clean opinion” it would seem that everything is okay. Typically, there is no follow-up meeting with the auditor and a member(s) of the Board after the [...]

2018-10-13T02:10:09+00:00Financial|

Replacement Reservers for Condominium Associations

Replacement reserve law as it applies to condominiums can be complex. We'll navigate through its history, legal requirements, tax issues accounting and calculation. The definition of “replacement reserves " is defined in the law as "... funds for the upkeep, repair, or replacement of those parts of the property, including but not limited to roofs, walls, decks, paving, and equipment, that the association is required to maintain." The funding of replacement reserves by condominiums is required [...]

2017-10-17T19:29:12+00:00Financial|

Internal Controls to Prevent Thefts from Internal Sources

Business losses due to employee thefts amount to billions of dollars every year. The most important strategy used to minimize such losses is a good system of internal controls. Internal controls do not prevent thefts; however, a good system will detect such threats on a timely basis. Basically, an internal control system separates the various accounting functions among different employees. DMI has identified some common threats to Association assets and the internal controls used to minimize o [...]

2017-10-17T14:29:25+00:00Financial|

Embezzlement of Association Funds – Awareness and Prevention

The potential for theft or unauthorized use of association funds should be one of the highest priorities of every director. Unfortunately issues dealing with governance, budgetary and financial concerns, repairs and maintenance, enforcement of house rules, policies, and other association issues usually take precedence. Most boards assume that the funds handled by the association’s managing agent is safe and secure. Confirmation of this attitude comes from the annual audit that invariably gives [...]

2017-10-17T16:05:36+00:00Financial|