Community Association Financials

Budgets, Dues, Association Fees, Assessments, Financial Controls, Insurance, Reserves

Money Matters: Maintaining Your Clients’ Financial Health During — and After — the Coronavirus

The cororonavirus crisis has shaken the foundations of the economy, and savvy community association boards are already thinking about the implications for their financial footing going forward. In particular, many boards can expect to deal with owners struggling to pay their assessments. While compassion certainly is warranted, boards may find their hands more tied than…

Dealing with the Financial Fallout of a Public Health Emergency

As the federal and state governments took unprecedented measures this spring to confront the coronavirus pandemic, the economy largely collapsed. The dramatic surge in job losses that resulted has led many community association boards of directors to rightly worry about the impact on their financial footing. The fallout is likely to continue for months, if…

Foreclosure Sales Prices Matter

Your clients may have the legal right to foreclose on a delinquent owner’s property, but that doesn’t mean they should — especially if the sale price is disproportionately low. That approach could backfire, with the sale overturned by the courts. A recent ruling from the South Carolina Supreme Court (Winrose Homeowners’ Ass’n v. Hale) drives…

When is a Foreclosure Sale Price Too Low?

Governing documents typically give community associations the right to foreclose on delinquent owners at some point. That right, however, doesn’t necessarily entitle an association to sell foreclosed property at whatever price it wants. A recent court case (Winrose Homeowners’ Ass’n v. Hale) drives this point home. A state Supreme Court found that the sale price…

4 Ways to Recession-Proof Your Clients

No one can say for certain when the next recession will strike the U.S. economy, but one thing is certain — it’s going to happen. Yet, despite the hardships many community associations suffered in the last round, some remain just as vulnerable as they were then. It may be up to their managers to nudge…

Prepare Now for the Next Recession

The so-called Great Recession wreaked havoc on community associations across the country, and many economic experts are predicting that the next recession looms on the horizon. Whether it’s sooner or later, there’s no doubt that another will come eventually. Are your clients taking the necessary steps now to protect themselves? Cash shortfalls In the previous…

Proceed with Caution When Owner Checks Come with Endorsements

You’ve probably seen it before — an owner adds some type of restrictive endorsement in the memo portion of a check in hopes of pulling a fast one. This week’s article explains how a condo association in Ohio has now spent years in court as a result of such an endorsement. The case provides some…

Association Can Return Owner Checks with Restrictive Endorsements

Attorney Daniel Miske, of Milwaukee, Wis., firm Husch Blackwell LLP, calls them “professional debtors” — the kind of people who try to evade their financial obligations by, for example, getting cute with the endorsements on their payment checks. An owner in Ohio dragged a condo association through years of litigation because of such an endorsement.…

Online Owner Payments, Part 2: Choosing the Right Path

This is Part 2 of a 2-part series. Read Part 1 here: In April, we discussed the numerous benefits associated with allowing owners to make payments online, as well as how managers can overcome resistance to the change from boards of directors. Now we have some advice for managers to smooth the transaction once they’ve…

Light Your Way to Cost Savings

This week, we dig into how your clients might reap substantial savings by upgrading to LED, or light-emitting diode, lighting. You've been in the dark if you don't know how much longer LED lights last than traditional bulbs. “We have some lights that will last over 100,000 hours, and most of our lights are rated…