Board Members & Homeowners Webinar - Budgets

BUDGETS

Budgeting is one of the primary responsibilities of boards of directors and management companies.

Without a proper budget, financial statements are less meaningful. Without proper financial controls, the board, manager, and ownership can be at risk. We will discuss legal requirements, preparation of the budget, and pitfalls to avoid.  

Key Topics:

• Accounting methods, budgeting models and requirements.
• Approval process and disclosure requirements.
• Budget components and steps to developing an accurate operating budget.
• How to incorporate the reserve study into the budgeting process.
• Looking at cash flow and retained earnings to measure the financial health of the association.
• Common budgeting pitfalls to avoid.
• Current challenges facing associations – inflation, insurance premiums, reserve contributions, and unforeseen projects.

Come prepared with your questions about budgeting and the financial issues facing your community.