This time of year, many association managers are getting ready to present their budget drafts to their communities’ boards of directors. That is, if the association’s fiscal year is the same as a calendar year. However, no matter what the fiscal year schedule is, it’s important that mangers take certain steps to keep the budget process on the right track all year long.
One of the more challenging tasks an association board faces every year must be their annual budget. Requiring the number-crunching aptitude of skilled accountants, coupled with the board’s clairvoyance to predict not only repairs needed in the year ahead but also global inflation, budgeting is not to be approached without careful introspection into the facts and figures of the community. We spoke with John Grady, CPA of Bogush & Grady CPAs, LLP in Rhinebeck, New York for an accountant’s insights on this topic.
Let’s say, hypothetically, an association begins to consider the installation of security cameras in its common areas in order to protect residents. The board noticed a dramatic increase in crime in surrounding neighborhoods, so they felt this would be a good decision for community. However, if they install this system, are they opening up their association to liabilities it didn’t previously have? What are the best practices for an association to follow when using and installing security cameras?
Unpaid assessments can create a great deal of stress for an association, leaving both management and boards feeling helpless. However, an association is not helpless. Attorney David Byrne, of Ansell, Grimm & Aaron, PC, shared two recent scenarios where associations were able to recoup monies lost and ensure payment of ongoing assessments, all without breaking the bank, or in this case, the budget, by using creative and smart efforts.
Newsflash readers — we do get out! In addition to providing publications and an informative website, Brainerd Communications, Inc. produces events branded under our trademark, AssociationHelpNow™ to educate and facilitate discussions on many condo and HOA-related topics. On September 26th, managers and board members, many from high rise buildings on the coast, gathered at Ocean Club Condominium, a thirty-four story luxury building on the Atlantic City Boardwalk, to network, learn and tour the building. Managers in attendance earned 2 CEUs toward their professional designations.