Welcome to the fall edition of our company newsletter, The CFM Distinction.
This is our favorite time of year, but it goes by fast, so enjoy every minute!
Stacie has recently become a member of the Legislative Support Committee for CAI (Community Associations Institute). This committee has been formed to support the efforts of CLAC, CAI’s California Legislative Action Committee. She will be sharing information with you as she works with this very important committee. To get started, please read the following two articles about CLAC:
What is CLAC?
CLAC 2014 Accomplishments
If you are interested in donating to CLAC, please contact CFM to coordinate payment.
Please continue reading for a great article on workers compensation and other important information.
Linnea & Stacie
No employees = No workers comp? WRONG!
Associations without employees should still carry a minimum workers compensation policy. The premium is very affordable and the protection is priceless. The coverage will also extend to the directors, officers, and volunteers. You might be wondering why it is so important if the association doesn’t have employees. Imagine a scenario where the association hires a contractor who fails to maintain workers comp coverage and their employee is injured. The association could be held liable to pay workers comp benefits. Or a person is performing work for an association and the work being done requires a contractor’s license but the person does not have a license. That person and all of his employees are considered to be employees of the association. Keep in mind, licenses are required on any job costing more than $500.
These are just a couple of examples of real life situations that can trigger a work comp claim. Protect the association with a no-payroll work comp policy covering the board and committee members too! Contact CFM and we will coordinate securing the policy on your behalf.
Keeping you up to date with information such as this is a reminder why you have chosen CFM as your financial management team. CFM is the only accredited financial management firm in California. We appreciate the opportunity to serve your Association!
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Updated on 2015-10-02T16:46:36+00:00, by .