Tag Archives: non

Turnaround Case Study: Venetia Country Club

In just nine months, an association in Largo, Fla., went from more than $350,000 in delinquencies–and near-collapse–to having reserves in the bank. Here, we speak with board member Scott Simms about how Venetia righted its sinking ship by getting non-recourse capital from LM Funding in exchange for giving LM the right to keep interest and late…

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What You Must Know Before Renting Out Homeowner Association Facilities

 

Many associations are considering a range of revenue-generating measures to offset ever-tightening budgets. But before you rent out your clubhouse or sell memberships to your golf course, pool, tennis courts, or other facilities to non-owners, keep a few critical rules in mind.

1) Consider the liability. The biggest issue that keeps associations from renting out their facilities to non-owners is liability. Check with your insurance carrier to find out if injuries to non-owners and injuries caused by non-owners would be covered under your current policy. Chances are they won’t, and it’ll be much more expensive to expand your policy to include that coverage. Once you know the additional insurance costs, you need to weigh them against the potential new revenue to determine whether the financial gain adequately offsets the added cost.

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