Reserves

It’s National Cybersecurity Awareness Month — are you, your employees, and your boards of directors aware of community associations’ risks from phishing attacks? If not, or if proper precautions aren’t taken, your clients and their owners could lose control of their confidential information. And the risks are even higher if you have staff working from…

It’s National Cybersecurity Awareness Month — are you, your employees, and your boards of directors aware of community associations’ risks from phishing attacks? If not, or if proper precautions aren’t taken, your clients and their owners could lose control of their confidential information. And the risks are even higher if you have staff working from…

A public health crisis, a recession, civil unrest — any one of these could lead to financial difficulties for a community association, including a jump in dues deficiencies that threatens reserve funding. But maintaining adequate reserve funds is mandatory in some states and advisable everywhere. Here are some tips for helping your clients manage their…

Community associations of all kinds, regardless where they’re located, are subject to stringent requirements regarding board of directors and annual membership meetings. Strict compliance can pose a challenge for some associations in the best of times, let alone during a public health emergency. Social distancing protocols and prohibitions against gatherings make traditional meetings nearly impossible…

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…

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…

Associations, whether large or small, depend heavily on money to operate. Every aspect of keeping a community safe and running smoothly has a cost associated with it. Too often, associations make the news for negative financial reasons—fraud, bankruptcy, or other shortfalls that disrupt the community. However, an association that’s being run effectively combined with a strong local economy could have more money than expected. That’s great news for the association, but it creates the question of how that budgetary surplus should be used.

Association fees are an integral part of keeping a planned community or condominium building running smoothly. They’re key to paying bills for routine services and amenities and, in some communities, can contribute to additional bonuses for members, like social events. But when members don’t pay their association fees it can very negatively affect the community. Even if a few members don’t pay their assessments on time, an association can face serious financial problems.