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Fall temperatures were not the only thing that started dropping last September. Interest rates declined for the first time in over four years – triggered by the Federal Reserve cutting the fed funds rate – with more reductions anticipated throughout 2025.
While declining rates are typically concerning for consumer savings, Community Associations – HOA’s and Condo Associations – will also likely feel the impact of less return on their Reserve and other interest-bearing accounts. The upcoming year is poised to become a balancing act for the 49,800 Community Associations currently in Florida, as they face challenges on various fronts – the likelihood of less income from lower interest rates and the continued threat of higher operating expenses. Additionally, an estimated 19,000 Condo Associations throughout the Sunshine State may feel the pinch of new mandatory funding of structural reserve line items in 2025, as required by Florida SB 4-D Building Safety Law .
The culmination of these changes could very well add up to a demanding year for Community Associations to stay on top of managing the financial wellbeing of their communities. The question looming large in their minds – How best to manage their Association’s funds while preserving safety and return, and meeting all the financial requirements of their communities? The following key strategies will help board members navigate this very question:
As the saying goes, knowledge is power. Make sure that the entire board understands the current savings strategies in place, including investment types, yields, maturity dates, and safety profiles. Identify which accounts will slate into the plan for the upcoming year, and which may need adjustments.
The board should review the upcoming budget to assist in matching account types and balances with the Association’s long and short-term cash flow needs. Safety of investments should act as the North Star in guiding the board with all financial decisions. Make sure that the board has a full understanding of FDIC insurance guidelines and are placing funds with sound financial institutions. Bauerfinancial.com is one of a handful of resources that rate banks and provide key information about their financial well-being.
The following are the most commonplace investment/deposit options:
Cogent Bank offers a 9-Month Freedom CD which includes a fixed interest rate for 9 months, one withdrawal without penalty per calendar month, and unlimited deposits to the account. Clink on the link above for full account details.
The tendency is often to focus solely on preserving return on investments/deposits in a declining rate environment. It is equally important to look at other areas that impact your community’s financial position such as alternate income sources, cost savings, and expense control. Let’s explore a few of these key areas to consider as part of the overall strategy to safeguard your association’s financial well-being.
In Chinese, the word “crisis” can mean danger, or it can mean opportunity. All challenges can be seen as either a danger or an opportunity – it is all about perspective. While the potential negative impact of declining rates on your community’s balance sheet can trigger uncertainty, it is also an opportunity to review and realign financial strategies with current needs.
Cogent Bank’s team of experienced professionals can help your Association as you implement your financial plan. Whether it is time for a check-up, or you have uncovered a need during the budget review process – we’ve got you covered. Learn more about how Cogent can help with streamlining Collections, Treasury Services, any Loan needs (project financing, insurance premium financing, emergency lines of credit), Reserve accounts, and much more.
Cogent Bank is headquartered in Florida with locations throughout the state to serve you. Cogent is rated as a 4-Star, “Excellent” bank by BauerFinancial, an important consideration regarding the safety of your community association’s funds. Our Association Banking Experts live and work in your communities, a key differentiator in our approach to assisting you.
Reach out today to discover how we can assist your association. We look forward to partnering with you as your community association bank.
Disclaimer: The information contained herein is for informational/educational purposes only. The views and opinions expressed in this document may be those of the individuals and may not necessarily reflect those of Cogent Bancorp and its subsidiaries and affiliates, or the entities they may represent. Content contained herein may be used in connection with the advertising and/or marketing of products offered by Cogent Bank or Cogent Private Wealth. The material is not intended to provide or substitute for legal, tax, or financial advice or to indicate the availability or suitability of any Cogent Bank product or service. You should consult with a legal, financial, tax, or other appropriate professional(s) for your specific needs and/or objectives before making any decisions.