This is a perfect time to start thinking about different sources of revenue that might be available to you. This can include leasing out space on your in-house cable and community channels to advertisers as well as selling space on your community association website to businesses interested in advertising to your community. This is especially true of realtors who might be willing to pay you a certain amount each month to advertise on your website or your tv channel.
There might also be opportunities to advertise in other high-traffic areas subject to documentary and statutory constraints. In addition, there are still cell phone and broadband companies out there willing to lease your unused rooftop space.
According to a local accounting company, any avenues that the association feels might bring in additional revenue would be worthwhile even considering the potential taxability of such revenue. It is important to remember that there will more than likely be expenses which may be allocated against such revenue to reduce any tax effect.
We hope this information has given you some food for thought, and will assist your community’s discussion regarding ways to weather the current economic storm.