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PREPARING FOR 2021…
By
Rafael Aquino
Published August 5, 2020
As the budget season comes upon us, it’s very
important that management, the board, and its committees prepare for
the potential financial impacts that could arise in the following
year. As mentioned in previous blogs, associations haven't seen the
real economic implications of this pandemic yet.
As per the Florida DEO, we know that unemployment
numbers in Florida did drop from 13.7% in April to 10.4% in May.
While this is a significant drop, we aren't out in the clear yet.
When you look back at the unemployment numbers of prior downturns,
the current percentage is the same as the great recession (2007 -
2010.) What does all this mean for associations?
Managers and boards alike must prepare and plan
for the impact and how you will compensate for 2021. Discussions
need to be had about adding a Bad Debit line item to the proposed
budget. This Bad Debit line item will be a percentage of the units
you believe will not pay their maintenance fees. Further, a keen eye
needs to be on the AR and those units which are starting to fall
behind. You should know what units are rented? Will you be able to
collect the rent if the owner stops paying? How will the new
stimulus package impact the collection of assessments, delinquent
units that are rented, etc.?
Don't wait till things get ugly for your board to
react. Now is the time to have real discussions with your team, so
you are prepared to navigate through these waters. If there was ever
a time to create strong partnerships (management, CPA, attorney,
etc.), it is now. "Prepare for the unknown by studying how others in
the past have coped with the unforeseeable and the unpredictable." -
George S. Patton
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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
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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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