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Finances

Financial Impact to Associations due to COVID-19 & Phased Re-Openings

COVID-19 was the little virus that was; and then, like a slow burning fire, it blew up, and with it, everything in its path! Little wonder that some associations succumbed to its flames in varied ways, hard-pressed to fashion viable solutions to the financial and administrative agony unleashed by obligatory medical guidelines implemented to combat

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Finances

Proper Financial Planning – Attention is in the Details

Community association income is often limited to the collection of owner assessments. Community leaders struggle annually with the idea of increasing assessments and how much is too much, but of course also having obligations to provide services and maintain common elements. There is a vision of enhanced curb appeal and property maintenance, but this also

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Finances Legal

How to Protect an Association’s Interest When Dealing with Bankruptcy

The COVID-19 pandemic has had a devastating effect on our community, forcing countless businesses to close and many people to lose their jobs. While the economic impact to individual households is the most immediate concern, ancillary effects flow outwards to affect community associations. The loss of income will impact many homeowners’ ability to pay their

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Finances

Bankruptcy – The Basics of Chapter 7 and 13 Bankruptcies

In the 2011 reporting year, as a result of the housing bubble burst, 1,571,183 bankruptcy cases were filed, the highest number since the Bankruptcy Reform Act of 2005. In the year ending March of 2020, bankruptcy filings were down to 772,646.  Bankruptcies in the Washington Metro area were following this national downward trend. Various COVID-19

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