Hi Again! Can you believe we are already in the second half of July? That means summer is more than half over. Boy, time really flies! There was a lot of information this week from the industry, but I know you didn't have the time to read it all. That's where we come in! We read all the articles for you, and bring them together in the CAM Mashup every week. Here's what's hot this week:
Should you choose a loan over a special assessment? How can your community get out of a financial hole, and what the heck is going on at the AICPA? Answers to these questions and more this week in Community Association Management!
As an educated member of the Community Association Management industry, you already know how crucial it is to stay informed and up-to-date on the latest news, trends and happenings within the industry. Each week, we bring together our favorite reads of the week and share them with you! Enjoy the CAM Mash Up and please share it too!
Long Term Debt Relief Plan
When your community is in serious debt, it is important to put into place a long term plan that gives you the confidence that down the road your debt will be eliminated and hopefully avoided in the future. Find out here how one community put their long term debt relief plan into action!
When was the last time you checked the condition of your sprinklers? As I am sure you are aware, corrosion and other factors can make them less effective if not completely worthless in the event of a fire. Be sure to check the quality/condition of them often, so you’re not left burned!
Virtual Board Meetings
In this fast paced world, technology can make things much more convenient and time efficient. But when it comes to virtual board meetings, it is important to weigh the pros, cons as well as the legal aspects that go into holding them online. Just make sure you cover your bases before you take the leap!
Loans are No Picnic
When presented with the choice of taking on a loan or approving a special assessment, many board members will go for the loan, simply because they don't want the 'Special Assessment Stigma' from homeowners. (Nobody likes being asked to pay more!) But loans are not necessarily the easiest or best choice. Smart managers know all the facts before presenting loan options to boards.
Planning for Success
“Just like in the Game of Life, a board has to have a plan to succeed. Whether it is taking the quick route by attacking an issue head-on, or taking time to get educated on the issue first, a board has to carefully and strategically plan its course if it has any hope of successfully tackling an issue. As a veteran community association board member, Jack Thew has excellent advice and ideas that can help any board succeed.”
Hey Accountants: Sorry, Not Sorry
The AICPA is merging with CIMA to make a new organization called AICPA only any accountants can join (not just CPAs), and the old one still stays, also called AICPA. But don't worry, the AICPA promises that the CPA designation will not be diluted. Confused much? That may be the point. Here’s everything you need to know!