New Associations after Turnover:
You are Now in Charge Finding the Right Path Through Planning

COMMUNITY ADVANTAGE offers customized services to meet the needs of associations at all ages—from those incorporated less than five years ago to those which are proud historic landmarks.

Younger associations are typically burdened with additional expenses, inadequate reserves, uninformed owners and an increasing budget. Board Members must become informed and prudent investors, save as much as possible in from the beginning, and plan early for long term funding needs. Their bank can be a valued business partner through lending and cash-management services, as well as a referral source for finding accountants, bookkeepers, information-systems experts and other support-services providers. It will be comforting to know, as a New Association Board Member, that you have community-based resources and personalized service from bankers who know your situation and have a plan to help you set your association on the right path.

When starting an association, typical financing needs include:

• Working Capital to finance gap between increased operating expenses and pending new budget
• Equipment purchases for computers, software, and the management office
• Loans for Common Element Repairs
• Real estate acquisition from Developer for a Laundry Room, Garage, Pool/Clubhouse
• Employee expenses including purchase of Engineer’s Unit
• Corporate Credit and Debit cards
• Reserve Investment Services

Also, it isn’t too early at this stage to begin reserve investment planning. COMMUNITY ADVANTAGE offers a wide variety of products and services to help New Association Board Members:

• Financial planning
• Checking and savings accounts
• Reserve savings accounts
• Investments planned for risk tolerance and goals
• I Board Portal service for improved communication with unit owners
• Business cash management solutions, such as online banking, credit card processing and remote deposit capture

For more information, call our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.