December 2023 CT

REFLECTIONS ON 2023... from page 16.

Gregory Vinogradsky, Esq., EBP Partner Callahan & Fusco, LLC

Mohammed F. Salyani, CPA, FCCA (UK) Principal WilkinGuttenplan “In terms of reflections on 2023, two things come to mind: The first is the impact of inflation on expenses. This year we are seeing material increases in expenses and a lot of our clients are having to deal with this while preparing their 2024 budgets. They are also seeing material increases in their reserve funding requirements as the new studies are showing higher costs. The second is the increase in interest rates impacting income earned by the associations. As rates have risen, associations investing in Certificates of Deposits and other interest-earning investments are earning much more income.Accordingly, associations are seeing a corre sponding increase in tax as higher interest income results in higher taxable income.”

“My major takeaway from 2023 is that the work is unfinished. There remains a judicial vacancy crisis that has brought many cases to a screeching halt and there are new laws and regulations that have both helped and hurt our clients. While we sort through some of the uncertainty and continue our advocacy, we will need to rely on our peers more than ever to make sure the industry’s future is strong.” We hope the insights from these professionals inspire each of us to reflect on both the challenges and accomplishments from this past year to guide our focus and plans for 2024 and beyond. We wish all of our friends and colleagues in the CAI-NJ community and beyond a happy and prosperous New Year! n

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DECEMBER 2023