Key Points For Associations During These Unprecedented Covid-19 Times

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


  • 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.