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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...
What to do if There are Insufficient Reserve Funds
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What are reserve funds and what are they used for? Reserve funds are broken down into capital and non-capital expenses; capital would be replacing a roof; non-capital would be painting. These are IRS terms really, but for HOAs reserves are in general a savings account saving up to take care of long-term repairs and replacement &mdash...
Are Associations Required To Have Professional Reserve Studies
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Considering that it’s a good idea to have reserve funds for long-term capital and maintenance expenses, I am always surprised when I am asked that question. The answer is even more surprising, since in North Carolina and South Carolina there are no state statutes that requires property owners’ associations to have a profession...