Budget Shortfalls & Financial Planning

A Panel Discussion with Industry Professionals

A Program for Maine Condominium Board Members & Association Managers

Saturday, May 6, 2023 | 8:00 am - noon REGISTER

Sheraton Portland Sable Oaks | South Portland, ME

Condominium association boards are addressing ongoing building maintenance as well as capital improvement project repairs and replacements while balancing financial concerns of owners. What can communities do to secure funding and how can boards plan for future expenses. This two part conversation with industry professionals will show boards how to get the money they need now and discuss best practices in funding association reserves.

SCHEDULE

The forum has been approved for 3 hours of Continuing Education Credit.

8:00 AM - 9:00 AM Registration/Breakfast with the Panel Speakers & Vendors

9:00 AM - 10:00 Part 1 - Show Me the Money

Collections & Foreclosures - Discover how to create an effective policy to timely collect association fees and understand your legal remedies for non-payment.

Special Assessments & Association Loans - Best practices in setting, communicating and collecting special assessments will be shared. With more communities seeking bank loans, find out what the board's authority and responsibility are and learn what lenders require and how loans are structured.

10:15 am - noon Part 2 - Proper Planning

Legislative & Insurance Impact - Following the collapse of a Florida condominium in 2021, legislators around the country are studying condominium inspection and maintenance requirements while the insurance industry is adjusting to account for deferred building maintenance, failures and liability. Find out what Maine communities should be planning for in the future.

Condition Surveys & Reserve Studies - Understand the value of condition surveys and reserve studies and the important distinction between them. Speakers will identify the building components included in a reserve study, review reserve options and funding methods including baseline funding, full funding and threshold funding.

Budgets & Recession - A conversation around budgets and the impact of increased costs and recession on Maine communities, boards and owners will provide some helpful guidance.

REGISTRATION FEES (includes breakfast) REGISTER

By April 22, 2023 Members $35 | Non-Members $65

After April 22, 2023 Members $60 | Non-Members $90

*Registrations canceled up to 2 weeks prior to program date may be refunded less a $25 cancelation fee.

No refunds will be issued for cancelations within 2 weeks of program date.