The New Year is about new beginnings. Sometimes this is good. Sometimes this is troublesome, especially when you aren’t prepared. As the calendar flips to 2015, homeowners associations are met with new challenges, specifically budgeting for the New Year. What takes priority? Where do you even start?
First and foremost, remember that the budgeting process is a marathon, not a sprint. You don’t gain extra points by rushing to the finish. In fact, it is far better to be meticulous and ensure you have all of your bases covered. This means research, research, and more research. As they say, knowledge is power. And the more digging (research) you do into past finances, the more knowledge you gain, the easier and more accurate the budgeting process will be.
Of course, no one said you had to do it all on your own.
How Association Management Can Help You Budget for 2015
Budgeting for a homeowners association isn’t an easy task, especially when you consider that most of the officers responsible are little more than volunteers. They are homeowners who are volunteering their time to help make their neighborhood the best it can possibly be. Unfortunately, while this is very admirable, it doesn’t always mean these associations are staffed by the most qualified individuals (is there a doctor financial advisor in the house?). This is why many HOAs turn to professional association management firms, like Clagett Management. Our Skyline II property management software includes full general ledger functions, budgeting information, unit owner information, and delinquency reporting sections that allow us to easily budget for the coming year and track expenses throughout 2015, which will make budgeting for 2016 even easier. We are also a member of the Community Association Institute, an organization for management professionals, making us uniquely qualified to serve your homeowners association’s needs.
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Hiring an association management company can mean the difference between the success and failure of your HOA, especially in larger communities.