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Sentry News

Community Associations May Face Financial Challenges During COVID-19

Community Association Information

The current COVID-19 pandemic might financially impact your Association. Sentry Management has been serving Associations since 1975 and has observed financial trends that affect Associations during times of economic downturn. Four community trends that were common during the economic downturn in 2008 included:

  • Residents were home more and tuned into their community
  • Due to loss of income, some residents prioritized other bills over HOA dues
  • Closure of common area amenities often occurred due to reduced cash flow
  • Common area maintenance was deferred

Watch Sentry’s short video on how to look for financial warning signs. When they are detected, every budget item should be reviewed for necessity, savings, and benefit to the Association. Some practical considerations are also explored in the video for handling the payment of assessments, especially for residents who have been laid off or furloughed.

Sentry Management is here for your Association during these unprecedented times. Remember to discuss any warning signs you might see in your financial reports with your Community Manager. Together we can navigate this uncertain time.

 


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In this issue: Sentry Management is encouraging Boards to be proactive in matters regarding COVID-19. We encourage you to follow closely the national, state and local government recommendations as well as the Centers for Disease Control and Prevention (CDC).