President’s Update 1-25-2023

In my January 2023 President’s Update article, I discussed the good work completed by The Landings Association (TLA) Board and staff in 2022 and our plans for this year. As discussed, TLA plays a crucial role in maintaining the community and infrastructure of The Landings. However, TLA faces headwinds and challenges that must be addressed in order to ensure the continued success and growth of the community.

One of the major challenges that TLA faces in the coming year is rising inflation on operating and reserve budgets. Inflation makes it difficult to stay on budget while ensuring necessary repairs and upgrades to our aging infrastructure and facilities. To reduce the impact of inflation on infrastructure maintenance and repair, TLA is actively pursuing cost-saving measures such as spreading contracts over multiple years, self-performing projects that were planned for contractor implementation, and identifying safe investments that offer reasonable yields that can minimize the impact of inflation.

Another significant challenge for TLA is the need to be prepared for unexpected events such as hurricanes, flooding, continued supply chain shortages, and technology-related crises. These events can cause significant damage to the community’s infrastructure and can put the safety of residents at risk. To address this challenge, TLA has in place an Emergency Preparedness Plan that includes training, as well as having emergency supplies and funds on hand. TLA also works closely with local emergency management agencies, such as Chatham Emergency Services (CES) and Chatham County Police Department (CCPD) to ensure that they are informed of potential risks and have a plan in place to respond quickly in case of an emergency. Further, TLA has budgeted an IT security audit for 2023 to help mitigate our risks associated with technology-related threats.

The rising cost of insurance also is a significant concern for TLA, especially given that the community has assets worth more than $80 million. As a result of insurance industry property damage claims associated with coastal storms, the insurance carriers have significantly increased rates and made it difficult for organizations like TLA to purchase required insurance such as umbrella policies. To manage this risk, TLA is working with an experienced insurance broker and our Insurance Committee, composed by current and former insurance industry experts. Our team reviews our current coverage to ensure it is the best value and provides adequate protection for the community’s assets. TLA’s Board has included in its current Strategic Plan implementation a community-wide Risk Management Program that would notify the Association of potential risk management concerns.

Lastly, the need to maintain our community as a safe and secure place in a world that is becoming less civil or stable is a concern for TLA. To address this challenge, TLA is implementing security measures such as adding surveillance cameras, adding a Training Captain to ensure enhanced training for our Security Team, and improving electronic access controls to our community. TLA also works with the Chatham County Police Department (CCPD) to ensure that they are informed of potential threats to the community, so they have plans in place to respond quickly in case of an emergency.

In conclusion, TLA faces a variety of challenges in the coming year, including inflation, the need to be prepared for unexpected events, the rising cost of insurance, and the need to maintain a safe and secure community. By implementing cost-saving measures, emergency management plans, risk management practices, and security measures, TLA is engaged to proactively address these challenges and ensure the continued success of our community.