Condo Media - June 2020 - 26

Receivables AND Recovery
OTHER OPTIONS
So how do associations operate as they
always have during this crisis if 25 to
30 percent of unit owners are not paying condominium fees? I have already
discussed that some unit owners may
prepay condominium fees, which will
help to make up for some delinquencies,
but there are more options available.
Reserve Funds. All associations
should have a reserve fund for
replacement. With the advice of
your association's accountant,
boards should consider borrowing
from the reserves to get past the
next 90-180 days. If you borrow from reserves, it should be
documented and formalized with
a promissory note and maturity
date. If a reasonable reserve fund
has been built up, borrowing from
reserves should be able to offset
delinquencies. While in most cases
delinquencies will eventually be

collected, borrowing from reserves
could help fill the gap.
Payment Deferral. Condominium
associations may be able to get
some vendors to defer payment. If
contracts are proceeding (some can't
during the pandemic) payments may
be deferred if the contractor agrees.
For other services, paying on the last
date possible may be a tactic. If you
have a swimming pool contract and
the city or state closes down the pool
or if the board shuts down the pool
for health and safety reasons, while
some work may still be required,
speak to your attorney about force
majeure and impossibility and intractability, and have them review the
contract and see if you can be excused
from honoring that contract. 
Project Deferral. The same applies to major renovation projects
within the buildings if concerns

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arise by either the contractor or
association that the project should
be delayed for a year. If all goes as
planned, you might want to delay
an inside project and do an outside
project you had planned for the following year so contractors are not
near owners. Adjusting projects can
be beneficial in other ways as well.
For example, road construction that
is currently taking place around
Boston while residents comply
with the stay-at-home advisory;
under normal circumstances this
construction would create traffic on
busy roads and construction crews
would slow traffic.
Association Loans. At the time
this article was written, it appears
that according to the SBA,
condominiums are not eligible
for Paycheck Protection Program
loans under the CARES Act.
Condominium groups and co-op

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OF THE YEAR
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26

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
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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 - 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 - 50
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Condo Media - June 2020 - 54
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Condo Media - June 2020 - Cover3
Condo Media - June 2020 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202106
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202101
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201912
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911_v2
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201812
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201712
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201512
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201509
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201507
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201502
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201501
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201412
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201411
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201410
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201409
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