Smart Associations plan for potential tribulations, such as Hurricanes; they contact their Management Company, Insurance Broker, Landscaper, etc. Even smarter Associations contact their Accountant, and very smart Associations have Accountants that contact them, to assure the Board of Directors that proper procedures are setup to safeguard the Association’s financial records.
In addition to safeguarding the financial records, have emergency checks to pay the various Contractors that will be needed immediately for crucial services to mitigate the damages caused by Mother Nature.
As we all know, Contractors will first service those that can timely pay for services and supplies. If a horrific hurricane hits our area, as it did in 2005, electric might be curtailed, offices could be closed, how will you pay for necessary services? At Accountsult, we take the time to prepare emergency blank checks for our Association Clients.
It is vital to have sophisticated state of the art computer backup files, software and hardware that will insure immediate access if the Accountant’s office is temporarily inaccessible. Our office has such systems and is paperless, which means that all documents are filed electronically and copies can always be reproduced immediately from any location.
Another service we provide to our Clients is the procurement of contingent credit lines, specifically setup for unexpected casualties such as hurricanes. Without an available line of credit or adequate funds to meet substantial expenditures, the only option is to emergency special assess every Unit Owner immediately.
Plan ahead, anticipate the worst, hope for the best and call your Accountant.
Mark Buchalter, Accountsult, LLC
Monthly Accounting and Consulting for Condos and HOA’s