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PAY TODAY OR PAY WITH
INTEREST TOMORROW
By
Rafael Aquino
Published September 15, 2021
Life for Board members, managers, and residents
would be much easier if associations had the necessary funds to
maintain the property and all its assets. Unfortunately, many
associations have a weak cash position, and as the building ages,
things get much more expensive. One of the most challenging parts of
being on a volunteer Board is asking its residents for money.
What steps can a board take if they find
themselves with an aging building and a tight cash position? The
first step I would recommend is hiring an engineer or a reserve
specialist; either organization can provide you with a report that
determines the useful life and funds needed to repair your
association. Once you have this report, the board can understand
what the current and future financial needs will be for your
association. A majority of associations will quickly realize that
they don't have the necessary funds recommended in the report. If
you fall in that category, it's time to plan what steps you will
take to correct the issue. If you don't, things will become much
more challenging to deal with as the years pass.
How can you get yourself out of that situation?
Option I: Special Assess for the reserve
shortfall amount within the report and amend your budget to include
the amount that should be reserved moving forward. If your shortfall
is significant amount of money, you can spread out the payments as
the board deems fit.
Option II: NOT RECOMMENDED! Do nothing and
pass special assessments or obtain loans as needed.
Over the years, I've noticed that those fully
funded associations are better maintained, and residents are happy.
Those associations with challenges in their financials do find a way
to resolve the challenges they may have. However, they must pick and
choose their projects rather than having them planned. That is why
at times, you'll find an association redecorating the lobby when
they should be redoing the roof. If they had followed the reserve
study from the offset, they would have had the funds to do it all.
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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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