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Annual Budget Preparations for Your Association
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Those serving on HOA boards need to have a keen understanding of how essential a balanced budget is to the success of their associations. Drafting and ratifying a budget can often seem like a daunting task for board members. However, if the proper steps are followed and all prudent information is taken into consideration, budgeting for yo...
How to Handle Increasing Member Assessments
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Having a proper, fiscally responsible budget in place is necessary for the successful operation of any homeowner’s association. Just as with any budget, income and expenses must be considered - for an HOA, this income mainly comes in the form of owner assessments. When projecting yearly expenses for an association, those serving on ...
Crunching Numbers: What Goes Into a Community Association’s Budget?
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Budgets are crucial to a community association’s financial operation. Just like for-profit businesses, association boards should work diligently to develop annual budgets that estimate revenue and expenses for the upcoming fiscal year. A properly drafted budget can help prevent reduced services, deteriorating property, or special as...
Tips for Avoiding Budget Headaches
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If you’re a member of a property owners or homeowners association board of directors, chances are, there’s one time of year you dread more than all others – budget preparation.The annual budget planning process – which usually begins in the fall since most property owner’s association (POAs) and homeowner&rsq...
Planning and Enforcing A Successful Collections Policy
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As economic conditions struggle to improve, many community associations ("Associations") face the continuing challenge of chasing payment from a number of delinquent members.  In light of these present conditions, formulating and sticking to a sound collections policy can be important. However, many Associations do not give...