SOURCE: Community Association Preservation and Stabilization Services

September 10, 2009 14:50 ET

Help Is on the Way for Financially Strapped Community Associations to Recover Costs and Improve Collections

FORT LAUDERDALE, FL--(Marketwire - September 10, 2009) - Community associations faced with mounting receivables and foreclosures are being forced into triage mode. Property tax reappraisals, collections, utilities cost recovery, property insurance claims, and auditing provide the greatest opportunity to save money and increase association revenues.

Historically, homeowners' associations and condominium boards relied on a variety of independent consultants, with hefty hourly fees just to develop a plan to reduce costs -- with no implementation or any guarantee of financial success.

Enter Community Association Preservation and Stabilization Services, LLC (CAPS), a new company led by a team of financial, real estate, and legal professionals that work together to recover overpayments, lower property taxes, improve collections, streamline operations and reduce the risk of fraud. CAPS has no hourly fees and is only paid based upon actual savings and cost recovery.

"From time to time it is important to analyze and assess the operations and practices of your association," said Leigh Katzman, Founding Partner of Katzman Garfinkel Rosenbaum and member of the CAPS executive team. "We offer a variety of strategies and then bring in specialists with the expertise and incentive necessary to get the job done."

A detailed audit of bills, invoices and insurance policies frequently exposes unnecessary or bloated charges and opportunities to lower various costs. A prime example is property tax valuations. During the boom years, property assessments skyrocketed, leaving today's values on a steep descent that may not be reflected by the county tax assessor's office. Challenging these valuations can result in lower taxes for each unit or homeowner.

During hurricane season, a CAPS's analysis can also be an effective tool for preventing insurance claim disputes. The company's specialists will document the state of the property, eliminating questions regarding whether damages were pre-existing or the result of a storm.

For more information, visit the CAPS website at www.capsasap.com or call (866) CAPS007 (866-227-7007).

Contact Information

  • CONTACT:
    Don Silver
    Michelle Friedman
    Boardroom Communications
    (954) 370-8999
    Email Contact
    for CAPS