In classifying which operations are essential and nonessential, associations should consider the effects this will have on their finances. The timeline of this pandemic is unpredictable and associations should take proactive measures to preserve stability. Associations have various options from which they may choose when deciding how to preserve financial stability. Some, like suspending collection of past due accounts, are drastic and generally not advisable because of their unintended consequences. An individualized approach crafted with the assistance of legal counsel is the best way to preserve stability and honor the association’s legal obligations.
How Will This Pandemic Affect Association Finances?
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