CAI-NJ Feb. 2019

LOOKING AHEAD LARRY THOMAS, PCAM | CAI-NJ CHAPTER EXECUTIVE DIRECTOR

S mart Money — Is there any other kind? We are living in an age of financial uncertainty. Just look at the stock market over the last two years. Drastic changes are never a shock anymore and as a result, we all must be more attentive and conscious about our financial decisions. It’s a great time to review all our community’s contracts as well as our ongoing service agreements. Are we paying for phone lines that we don’t need or don’t even exist any longer? Does it make sense to get a new copier since the lease recently ran out or is it a better idea to take the “buyout” and get a maintenance agreement? Also, considering the maintenance agreement, is it better to do a time and material or enter into a service agreement? These are all matters that boards and management need to look at least on an annual basis. This all comes under the heading of “Smart Money”. Maybe a starting point would be to review all recurring monthly expenses, examine the applicable contract and see where the monthly payment comes from. I am sure if you look around, you will realize some savings and provide an expected service to your community. There are several companies that will do an energy audit for your community and do a cost analysis as well. I’m

sure you are aware that the LED lighting has completely changed the lighting industry. Does it make sense to pull out those old mercury vapor lights and replace them with modern LED fixtures? The older the community, the more opportunities there are to take advantage of new tech- nology. Replacing the thermostats and installing motion detectors is a great way to start. These are easy and

“The older the community, the more opportunities there are to take advantage of new technology.”

inexpensive tasks that can result in hundreds of dollars in savings for your community. In closing, The Awards Dinner Committee has met several times and I can assure you that you will not be disappoint- ed at this year’s event. Havana Nights is the theme. So, get ready to enjoy some festive music and hand rolled cigars. Information and registration form can be found on page 34. n

Annual Awards Dinner — February 28, 2019! Sponsorships are still available. See pages 34-37 for registration and sponsorship information!

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