Key Points:
- Association Expenses Are Usually Fixed, Due To Fund Based Accounting And Budgeting
- Assessments Are The Majority Of The Revenue Stream To Fund All Operating Expenses
- Due To Delinquencies, Your Funds Could Be Dramatically Depleted
- Directors’ Duties Are To The Association As A Whole, Not To An Individual(s) Needs
- Where Is The Money To Come From If Not From Assessments
- Special Assessment Is A “Dirty Word” in Association Vocabulary
- As difficult As It Is To Pay Monthly Maintenance, It Is Exponentially More Difficult To Pay Deferred Monthly Payments In The Future
Options:
- Accept Non Traditional Payment Plans
- Cancel Or Decrease Discretionary Services
- Cancel Or Delay Non Urgent Repairs
- When Vendor contracts Are Coming Due, Either Reduce Services Or Renegotiate Pricing.
- Review Your Monthly Financial Statement Package
- The “Infamous” Special Assessment for Budget Short Fall
Please do not hesitate to call for any assistance concerning Your Association Accounting and Finances.
There is never a charge to talk!
This short article was provided by CARG member Mark Buchalter, President of Accountsult, LLC. Mark can be reached at 954-739-0310.