loading… Financial Operations It is CAI’s purpose to foster vibrant, responsive, competent community associations that promote harmony, a sense of community, and responsible leadership. Given that the fiscal health of the association has a direct impact on every member of the community, proper management of financial operations is an important element of building better communities.Go to Resource
Financial Resources
loading… 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 theGo to Resource
loading… 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 byGo to Resource
loading… INTRODUCTION Profit centers in nonprofit corporations. The first thing that probably comes to mind is “But, we can’t make money, we’re a nonprofit.” True. Most Community Associations are nonprofit organizations. However, the ability to “make a profit” if you are a nonprofit organization exists none the less. Remember, the primary distinction between for profitGo to Resource
loading… Hypothetical: Owner lives in a decades old association. Owner consistently pays assessments in a timely manner. Owner’s association needs to make a major renovation to replace siding and repair wood structures, which will cost the association approximately two million dollars. The association does not have an adequately funded reserve fund and a special assessmentGo to Resource