Dallas, TX – April 29, 2020 — Associa, the industry’s largest community management company, is providing helpful guidance to association boards about potential economic impacts from the current COVID-19 pandemic.
As this historical health crisis continues, North America is experiencing record unemployment filings, unprecedented business closures, and related financial consequences. As communities across the countries adjust to the economic fallout caused by the pandemic, Associa is encouraging boards to use data and look to the past for guidance on navigating potential financial issues.
Fluctuating rates of infection and differences in community structures will have varying impacts on residents and their surrounding areas. Because of this, Associa is encouraging boards to review year-to-date budgets, including spending trends, and delinquency rates, to track issues that emerge throughout the pandemic, and adjust their spending accordingly.
By leveraging partnerships with their management company, community manager, and legal counsel, communities can better handle the challenges caused by COVID-19. In utilizing these connections, and by understanding the programmatic assistance offered by the U.S. and Canadian governments during this time, communities can maneuver through the financial issues that emerge.
“We understand that communities will start to see the economic impact as the COVID-19 pandemic continues,” stated Andrew Fortin, Associa senior vice president of external affairs. “Our goal is to help boards mitigate those negative economic impacts by preparing and educating board members on the best ways to handle financial crises as they occur.”
For more guidance on evaluating spending data and budgets, delinquency enforcement, and government assistance available for communities, please CLICK HERE.
With more than 200 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision.
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