Most of you have heard about the effect of compounding. This is commonly known and spoken about in investments. According to Merriam-Webster it is “to pay (interest) on both the accrued interest and the principal.” The opposite is true as well. Although not often talked about, the effect of compounded savings, or reduction in expenses can be significant. We helped one association cut one particular expense, which over the next 10 years will save them, using some reasonable assumptions, over $240,000.

Business, ManagementTina LarssonFebruary 13, 2017coops & condos, cut costs, CompoundComment

The unit cost is not even half the battle

Working closely with your managing agent is a great start to cutting costs. The managing agent normally has a great bulk program for both electricity and energy purchases, providing an opportunity for their buildings to switch to ESCOs and reduce unit costs. Although cutting the cost of something the building uses and considers a fixed cost is a great start, it is not even half the battle. Here are 10 tips on cutting heating and electric use.

Heating, Management, ElectricTina LarssonJanuary 5, 2017Energy Efficiency, Electric, Heat, GreenComment

Budget Season is here… with a Vengeance!

It’s that time of the year again. Soon, you will need to inform your owners that their monthly fees are increasing, again. This is in spite of a close to zero inflation economy and owners’ salaries barely (or not) increasing. Despite this, every contract and vendor that the board hires, on owners’ behalf, automatically increases their fees every year.

ManagementTina LarssonNovember 11, 2016Budget, Building ManagementComment

Our interview with Habitat Magazine about ‘Unfixing “Fixed” Costs’

The Folson Group was consulted about reducing waster costs in an unconventional way for Unfixing "Fixed" Costs by Marianne Schaeffer and Habitat Magazine. We discussed a technique that is incredibly affordable and results in substantial savings for any Coop or Condo where water is included in the resident's monthly fees. Link to article here. Please like, share and comment!

Policies & Procedures, WaterTina LarssonSeptember 22, 2016Habitat Magazine, @HabitatMag, Water, cut costs, coops & condos, fixed costsComment

3 Small Expenses that make a BIG difference for your association

When we work with HOA, Cooperative and Condominium boards on cutting costs, they often want both significant and immediate results. Your association’s expenses should be reviewed on an ongoing basis in order for it to operate efficiently and generate wealth for the owners. Here are some of the small expenses that add up over time that too often are not reviewed and/or renegotiated and some tips on how to change all that.

Tina LarssonAugust 14, 2016cut costs, Chicago, Payroll, Telephone, Bank feesComment

Key Tips on How to Keep Your Residents Happy

In theory, keeping your residents happy should be fairly easy as their interests align with yours, since you too are a resident. However, serving on the board can become very political since you as a board member have been voted in to that position, not unlike a politician voted in to theirs. So what can you, as a board member, do to keep your residents happy?

Tina LarssonJune 29, 2016Comment

6 Top Resources for New Co-op and Condo Board Members

This is Election Season for most NYC co-ops and condos. You have been recently elected to the board of your co-op or condo, your largest investment: now what do you do? You may be the best Attorney, CPA, Consultant, or Financial Advisor on the planet, but how much do you know about running a building?

Management, BusinessTina LarssonApril 30, 2016Board, Education, Annual MeetingComment

4 Tips on How to Reach a Quorum

We help Co-op and Condo boards reach a quorum for their Annual Meeting, every year. For many buildings, every year is a struggle to get a quorum in order to have a legal election. With our assistance, Annual Meetings are well-attended and proxies from non-attendees are handed in ahead of time. Read our top 4 tips on reaching a quorum:

Tina LarssonMarch 27, 2016Quorum, Annual Meeting, VoteComment

Why a Finance Committee is Essential

Audited financial reports are being prepared as we speak and will be issued to owners & shareholders in the next few weeks. In New York State, The Business Corporation Law requires them to be issued before March 31 each year. Does your building abide by that law? If it doesn’t, it surely needs a Finance Committee.

Tina LarssonFebruary 28, 2016Comment

All Time High

New York Residential Property Values are reaching all-time highs, as demand continues to push up prices.

What can current owners do to further increase the value of their buildings, and help them stand out from their neighbors?

Management, HeatingTina LarssonFebruary 7, 2016Comment