For many board members, achieving financial health may seem as easy as basic budgeting: calculate annual fees and other revenue, and manage expenses wisely. Of course, there is really nothing basic about the budgeting involved in a condo building or a community, because there are so many complex operational elements that can have immense positive and negative impacts on the bottom line. Are you adequately budgeting for preventative maintenance and ongoing repairs of equipment and infrastructure, for instance?
When drafting and implementing your association’s budget, there is a lot to consider, and understanding your association’s financials is critical to get started.
