Condo Media - June 2020 - 24
Receivables AND Recovery
BY THE NUMBERS
Since the effects of COVID-19 are changing rapidly, I must
start by noting this article was written on April 10, 2020 for the
June issue of Condo Media. Since information is quickly updated,
constantly changing, and seems outdated daily, much has likely
changed since the time this June issue was printed and association
boards are encouraged to contact their management company and
professional advisors for the most current information.
As of April 10, 2020, this was the status:
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20 million people in America filed for unemployment
in the previous 3 weeks.
31 percent of renters had not paid April rent.
There were 1,710,580 reported cases of COVID-19
around the world.
Worldwide, 103,512 people had died from COVID-19.
49,913 people around the world were in serious to
critical condition.
Religious holidays were being celebrated virtually
using Zoom and other video conferencing.
From April 10 through April 20, a major surge
in cases was expected.
Shelter in place orders were in effect in numerous states.
It was much more common to see people on the streets wearing masks for protection than people not wearing masks.
And with this backdrop, I would predict that condominium
fee delinquencies will increase to 25-30 percent by May or June.
But I would also propose the following plan that I believe could
have many condominium associations in New England operating
at least from a financial perspective as they were in December
of 2019.
COLLECTIONS IN A COVID-19 WORLD
According to Scott Wolf, CMCA, AMS, PCAM, CEO of Brigs,
LLC, whose company manages a number of communities in the
Greater Boston area, "As long as we stay flexible, nimble, and
most of all, compassionate, we will get through this situation."
The only funds an association has available for common area
expenses are obtained through assessments (except as noted
below). Therefore, usually if 30 percent of the unit owners are
not paying, the other owners would be assessed for the shortage -
24
CONDOMEDIA June 2020
Condo Media - June 2020
Table of Contents for the Digital Edition of Condo Media - June 2020
Contents
Condo Media - June 2020 - Cover1
Condo Media - June 2020 - Cover2
Condo Media - June 2020 - Contents
Condo Media - June 2020 - 2
Condo Media - June 2020 - 3
Condo Media - June 2020 - 4
Condo Media - June 2020 - 5
Condo Media - June 2020 - 6
Condo Media - June 2020 - 7
Condo Media - June 2020 - 8
Condo Media - June 2020 - 9
Condo Media - June 2020 - 10
Condo Media - June 2020 - 11
Condo Media - June 2020 - 12
Condo Media - June 2020 - 13
Condo Media - June 2020 - 14
Condo Media - June 2020 - 15
Condo Media - June 2020 - 16
Condo Media - June 2020 - 17
Condo Media - June 2020 - 18
Condo Media - June 2020 - 19
Condo Media - June 2020 - 20
Condo Media - June 2020 - 21
Condo Media - June 2020 - 22
Condo Media - June 2020 - 23
Condo Media - June 2020 - 24
Condo Media - June 2020 - 25
Condo Media - June 2020 - 26
Condo Media - June 2020 - 27
Condo Media - June 2020 - 28
Condo Media - June 2020 - 29
Condo Media - June 2020 - 30
Condo Media - June 2020 - 31
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Condo Media - June 2020 - 33
Condo Media - June 2020 - 34
Condo Media - June 2020 - 35
Condo Media - June 2020 - 36
Condo Media - June 2020 - 37
Condo Media - June 2020 - 38
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Condo Media - June 2020 - 40
Condo Media - June 2020 - 41
Condo Media - June 2020 - 42
Condo Media - June 2020 - 43
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Condo Media - June 2020 - 45
Condo Media - June 2020 - 46
Condo Media - June 2020 - 47
Condo Media - June 2020 - 48
Condo Media - June 2020 - 49
Condo Media - June 2020 - 50
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Condo Media - June 2020 - 60
Condo Media - June 2020 - 61
Condo Media - June 2020 - 62
Condo Media - June 2020 - 63
Condo Media - June 2020 - 64
Condo Media - June 2020 - Cover3
Condo Media - June 2020 - Cover4
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