Each year around this time, board members begin reviewing their association’s financials and reserve study closely to draft a budget for the upcoming year. Some seem to dread this time of year as they fear the possible increase in assessments and/or the tedious hours put into this draft. This does not need to be the case.
First of all, partnering with the right community association management company can provide you with the proper tools and guidance to simplify this process. Also, the proper handling and investing of association funds should keep the numbers in line and therefore assist in the ease of drafting and adopting the budget. Check out these four ways to maintain your HOA’s financial fitness
to help you better prepare for "budget season."