The COVID-19 pandemic is leading to higher operating expenses and unanticipated costs for many community associations. Taking note of financial impacts now can help associations better prepare for the future.
Business partners have adjusted their operations to continue serving community association clients during the pandemic. They also reported no major impacts to staffing, client base, or budgeted expenses, according to a CAI survey.
Some community association boards have sought guidance about whether using reserve funds is appropriate to address potential cashflow issues caused by COVID-19. Here are some things to consider.
Community associations fall victim to theft and embezzlement too frequently. Board members should know the warning signs and institute preventive measures before the community is left with a difficult recovery.