TIME IS NO LONGER ON YOUR SIDE
By
Rafael Aquino
Published July 6, 2022
The second half of the year is over, and the
talks of the United States being or going into recession are
intensifying. We won't know the GDP second quarter numbers for a few
weeks; however, as a non-profit organization, time is never on your
side since every dollar you receive counts. As such, I found it
essential to repeat my blog on Collections tips from July 8, 2020.
While my timeline estimation was off, it still holds true that
difficult times are to come.
There is one minor correction to the blog because of changes to
legislation... a Late Assessment Notice must be mailed before
sending any case to the attorney. If you aren't sure what this is,
contact your association attorney.
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The lifeline for any association is the
assessments it receives. As such, the association must follow the
guidelines provided within the documents. During these trying times,
some boards may tend toward becoming lenient in helping their fellow
neighbor out; however, doing so can significantly impact down the
line.
As we start to sort out the potential financial impacts of this
pandemic, we must keep a keen eye on the financials, especially the
receivables. I believe that we won't see the true extent of this
pandemic's economic impact on associations till next year. However,
you can't wait till then to prepare, you must start now.
Your association should be sending a late notice, final notice, and
statements to keep residents with outstanding dues aware of their
balances. In those notices, you'll want to communicate the next
steps that will be taken should owners decide not to pay or ignore
them. As an extra step, you may even want to pick up the phone and
let the owner know what they owe. They often didn't even know they
owed the money because they don't open their mail, and they'll pay
immediately. If an owner ignores all these attempts, the board will
have no choice but to send it to the attorney to commence the
collection process.
Associations are non-profits, so there typically isn't much cash to
fall back on when times get tough. Further, as Board members, it is
your fiduciary duty to protect the interest of all homeowners. Next
week I'll touch on other steps you should be taking to prepare for a
potential financial impact.
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As the Co-Founder and CEO
of Affinity Management Services, Rafael P. Aquino leads his team to
redefine excellence. They serve community associations
efficiently |
and effectively with
dedication and passion. Rafael’s energy and positive
spirit is the foundation of Affinity Management
Services’ company culture, which instills enthusiasm and
excitement when providing expert advice to its board
members and relieving the day-to-day burdens of running
a community association.
Since 2007, Rafael has
developed a work culture that values responsive and
high-quality services. He has led his team by following
a proactive vs reactive philosophy. The same approach
Rafael instills in the day to day operations of each
association. Today, Affinity Management Services
maintains its success and benefits as a result of the
foundation Rafael has built and continues to foster by
providing educational seminars, continuing education
classes for association managers and board members
alike.
Rafael and his team help condominium and homeowners’
associations save money and improve their communities.
His calm, personable, and service-oriented nature helps
him to establish strong relationships with ease. Rafael
is known as a sincere and honest leader who looks out
for the best interests of his clients and communities,
and he strongly advocates for their needs. His role
requires coordination and communication, as such he
takes logical and intelligent steps to approach
challenges head-on.
As a graduate of Florida International University’s
electrical engineering program and a licensed community
association manager, Rafael’s education and skills equip
him with unique insights to tackle complex problems
through critical thinking. He understands how each
component within a system works together in order to
effectively arrive at solutions, techniques, and
conclusions. Therefore, as he manages the multiple
challenges of running a community association management
company, he understands how each property is its own
unique system and tailors’ specific services to assure
that all their needs are met.
For more information about Rafael P. Aquino and Affinity
Management Services please visit
www.ManagedByAffinity.com or call 1-800-977-6279
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Doral Office: 8200 NW 41st ST
Suite 200
Doral, FL 33166
Broward Office: 150 S Pine Island RD Suite 300
Plantation, FL 33324
O: 800-977-6279 ● F: 305-325-4053
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