Your budget is meant to ensure that you’re adequately prepared for the year. To avoid financial uncertainty and upsetting owners, a realistic budget is necessary. Both options cost owners money that they didn’t plan on spending. When funds aren’t managed properly, the association ends up having to issue special assessments, or take out a loan. While budgeting is undoubtedly one of the most challenging aspects of serving on a board, it’s not impossible.Īs with any difficult task, it helps to approach this job in different stages and take it one step at a time. Towards the end of each calendar year, condo and HOA communities will direct their focus to the future and begin to prepare the annual budget for the year ahead.
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