Strong reserves and financial market performance helped associations weather the worst of the COVID-19 pandemic in 2020-21. Though many associations pulled money from reserves to fund operations in those years, the median association reserve ratio was higher during the pandemic than in the two preceding years. That’s because investments did well at the same time as associations cut spending, especially on meetings.The median reserve ratio for 2022 fell modestly as association spending continued to rebound and the stock and bond markets fell sharply. But levels were still well above those of the pre-COVID era, possibly in part because the pandemic revealed the importance of… Read More