Financial Resources

The Problem – The Unbudgeted Expense: Everything seems to be growing except the coffers: boards are faced with mounting operational expenses and increased delinquencies, without the same matched growth in revenue.  And, unfortunately, not all expenses are planned – emergencies will come up. For example, if there is a big snow storm and the associationGo to Resource

Volunteer boards of directors of condominiums, cooperatives, and homeowners’ associations often perform a number of functions vital to the successful self-governing of the association: fostering community harmony, maintaining common areas, and establishing and enforcing rules. The ability of the association to perform these functions depends upon its success as a business.  One of the mostGo to Resource

A.     Budgeting in General Prior to actual budget approval, consider the following: Set goals.  Review, revise and update goals each year.  Involve the community and Owners through meetings, opportunities to serve on committees and questionnaires. Establish a planning process for each service offered to community to assist with budgeting process. Each service provided by theGo to Resource