The Knowledge Base
Thinking Ahead
A suggestion was made by attendees of the August Strategic Planning Seminar that some type of a network be developed to allow board members to talk amongst themselves seeking help for unique challenges. To begin facilitating this request, we encourage any Director who has a unique challenge or is looking for a new solution to a problem, e-mail me at Kay.bushey@cummingspm.com.
State your question and I will make sure to publish it in the next monthly newsletter. We know that your personal experiences serving your community could be a wonderful source of information for other Directors. Those Directors who are willing to share their advice will be encouraged to correspond via e-mail.
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BUDGETING: Important Deadline Notice
Should any community members be making their monthly payments from a bankruptcy, it is important to know that there is a 90 day notice period for increases. What this means is if you intend to fully collect from owners that are under a Bankruptcy payment plan, if you increase your fees, you need to provide notice 90 days before change goes into effect. Our office will notify the bankruptcy trustees of any fee changes or additional assessments as soon as budgets are approved, but please be mindful of the deadline. If you have any questions as to whether or not your community has any members that are under a Bankruptcy payment plan, please contact your Managing Agent. |