Community association managers wear many hats and must be well versed in a wide range of skills, all of which are equally important. One component of a manager’s role is to completely understand the financial management aspects of a business. This means knowing and interpreting the financial pieces as well as the nuances that come along with decisions.
Collections policies help ensure that all owners are treated equally and are contributing fairly. Simplify the process by following this general framework for a collections policy.
Today marks the two-year anniversary of the partial collapse of the Champlain Towers South Condominium in Surfside, Fla. The tragedy took 98 lives. CAI honors those who lost their lives, the loved ones of the victims, and the survivors who lost their home and neighbors.
The partial collapse of Champlain Towers South condominium in Surfside, Fla., on June 24, 2021, killed 98 people and is considered one of the worst building disasters in U.S. history. The tragedy spurred CAI into action, galvanizing members and staff around condo safety. Over the past two years, CAI has educated community association residents, board members, managers, business partners, legislators, and regulators about structurally sound and fiscally responsible communities.
Much like local, state, and federal governments collect taxes to fund public services and programs, assessments are part of living in a community association. Homeowners have a responsibility to pay their assessments on time. Unfortunately, some owners refuse to pay or can’t pay assessments. What does that mean for the community? And how should board members respond?
