Budgeting

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How to prepare an HOA budget

2020-10-15T18:43:58-05:00

Jen Seals, CMCA, AMS; Property Management Systems, Inc. Drafting a proposed budget for your community can be one of the most important, and daunting tasks you face each year.  A good budget will help your board make the tough decisions on maintenance needs, owner requests, emergency situations, unpaid assessments and the other many challenges that an HOA faces throughout the year.  It is essentially a guideline tool that makes it easier to evaluate and protect Association resources. No wonder so many managers and board members find the project intimidating! Thankfully, with the right resources and tools, preparing a draft budget can [...]

How to prepare an HOA budget2020-10-15T18:43:58-05:00

The Right Reasons for Raising HOA Dues

2020-09-10T21:23:58-05:00

By Andrew Lester A community association's board of directors is elected by fellow homeowners to make decisions for the well-being of the community, including how the community’s finances are managed. Regulations in every state require that homeowner associations and condominium associations maintain at least two accounting budgets: (1) an operating budget to cover all expenses associated with the functioning of the community, and (2) a reserve budget to pay for planned projects down the line. The annual projection of these budgets, which is determined by the board with the help of professionals such as property managers or accountants, forms the basis for [...]

The Right Reasons for Raising HOA Dues2020-09-10T21:23:58-05:00

We have a reserve analysis. Now what do we do?

2020-09-02T17:49:44-05:00

By Dale Gifford, PRA, RS, PCAM, AMS, CMCA Regional Project Manager, Complex Solutions, LTD - Silver Sponsor 2020 Each board member should review the reserve analysis and note any questions they may have.The board should then meet and go over the reserve analysis as a group. After this meeting theboard should reach out to their professional reserve provider with any of the questions thatcame up during individual and group review. During the review of the reserve analysis the board should look at each component and see if there is any better information available. This may be an updated installation date, updated [...]

We have a reserve analysis. Now what do we do?2020-09-02T17:49:44-05:00
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