Recently, the Generally Accepted Accounting Practices (GAAP) were updated for the reserve or replacement fund for community associations. In the past, the reserve fund contributions were recognized in the year they were assessed and unspent reserves were reported in a replacement fund balance. As of the fiscal year 2019, the replacement contribution will be recognized…
Flood News The National Flood Insurance Program has been authorized through Sept. 30, 2020. At that time, we expect another short-term extension. As of April 1, 2020, the National Flood Insurance Program will have the following changes: Rate increases on average of 9.9% The Reserve Fund Assessment will increase from 15% to 18% per policy…
In 2019, the Maryland legislature considered increasing the amount that an individual could be charged for a master policy deductible from $5,000 to $10,000. Although the bill had a great deal of support, it did not pass into a law. The Maryland Legislative Action Committee from Community Association Institute (CAI) feels strongly for these bills,…
In Maryland and Delaware, managers are not required to have a license to manage a community. The Community Association Institute (CAI) offers classes and designations for managers who complete courses of study. The Community Association Managers International Certification Board (CAMICB) also provides managers the opportunity to earn the Certified Managers of Community Associations (CMCA) designation.…
Representative Jerrold Nadler (D-NY) introduced H.R. 5337, the Disaster Assistance Equity Act, one month following the seventh anniversary of Superstorm Sandy’s landfall, the impact of which is still felt by communities in New York and along the East Coast. “In the aftermath of Superstorm Sandy, thousands of Americans were shocked to learn that they could…
The CAI Board of Trustees adopted a new public policy that supports the rights of community associations to regulate rules about pets and assistance animals. The number of service animals has increased dramatically over the past decade, but community association pet policies are not enforceable if the animal is a service animal, as service animals…
On Thursday, October 17, 2019, the Bethany Fenwick Chamber of Commerce hosted an educational seminar, “Building a Resilient Business.” Edward Lewandowski from the University of Delaware spoke about the Delaware Sustainable Coastal Community (SCC) initiative. The SCC initiative delivers science-based information to aid decision makers in the following areas: Health of coastal economies, including tourism.…
Changes Coming To The National Flood Insurance Program Will Increase Pricing For Our Region, But Acting Today Can Help Alleviate The Burden. Great news! You now have more time to review your flood insurance policies. Risk Rating 2.0 will not go into effect until 2021. Give us a call today! Living near water—enjoying the recreation…
Attention Community Association Managers, Board Members and Unit Owners! Many educational opportunities upcoming through Community Associations Institute – Chesapeake Region Chapter. We hope to see you there! CAI Annual Symposium & Expo – “Meetings Gone Wild. Leading Your Board Out of Chaos.” Have you attended a board or community meeting that made you feel like…
Fall is a great time to remind homeowners about simple fire safety measures: Change the batteries in smoke detectors and carbon monoxide detectors. Check your dryer. Clean the lint trap and the dryer vent. Handle outside maintenance. Clean the gutters and the remove any debris. Clean the chimney. Every community should evaluate fire risks while…
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You are about the leave our site and submit the information to pay your bill. A licensed agent from our team will need to process your payment to make it official – we cannot bind coverage via web request. Let us get to work for you. Want to talk? Call us. 410-213-5600
Client Support Team
SCD Intermediaries
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