The following are a few ways to increase
revenue without increasing monthly assessments to the present
owner base:
1)
Clubhouse. Increase rental fees to
Association residents for clubhouse reservations and use.
Also allow outside organizations to use the clubhouse for a
fee.
2) Architectural
Changes. Charge an application fee for processing
architectural changes in the range of $50.
3)
Community Yard Sale. The Association can host
a community yard sale and then charge each owner $15 to
participate.
4) Violations.
Consider increasing fines for violations.
5) Late
Fees. Late fees should be increased to 10% of the
monthly assessment.
6) Cell
Towers. A cell tower installation on the roof of a
high-rise or in a common area can generate $30,000 to
$50,000.
7) Storage
Rentals. If the Association has a lot of open space,
the Board may want to install storage bins. A storage bin
can generate $60 per month.
8) Carports
or Garages. Garages or carports can be built in parking
areas. About $100 per garage could be charged.
9) Solar
Panels. Install solar panels on the clubhouse roof.
The clubhouse would get electric for free and the extra
electricity can be sold back to the utility company.
10) Advertising.
Sell advertising in the Association’s newsletter or website.
11) Capital
Reserve Initiation Fees. Charge an initiation fee of up
to 6 months times the monthly assessment. This money is
required to go to fund the reserve. The initiation fee can
offset the vey low interest rates that are available in the
market place.
In summary, one or more of these reserve sources can go a long
way to offset potential increases in the monthly assessment.
