Published August 2019
Editor’s Note: These contributions address several important elements to consider when planning for the financial success of one’s community association.
The most important task undertaken by an association’s board of directors and property manager is the budget process and determining the use of association dues.
For more information on Gerstle, Rosen & Goldenberg P.A., visit www.grcpa.com.
Unfortunately, no community association can escape the dreaded budget season. However, starting the budget process early can set your association up for success. Preferably, budget preparation should begin in the third quarter of your fiscal year. By starting early, your budget committee or board will have ample time to check current expenses and identify planned increases. When beginning to evaluate your community’s budget, be sure to examine all contractual expenses to determine if increases are anticipated for the upcoming year. Contact your association’s insurance agent to determine any increases in premiums or rates. We all dread an increase in maintenance dues, but communities age and maintenance projects are unavoidable, so be rational and carefully evaluate all your line items when preparing your new budget. At Seacrest Services, we provide one-on-one budget planning assistance with our accounting team to all our communities to ensure your association is financially prepared for the future.
For more information on Seacrest Services, call (561) 656-6354 or visit www.seacrestservices.com.
The annual bidding process for your commercial insurance can be a rewarding opportunity. This exercise allows you to review your current and future needs. Start 60 days ahead to give your current third-party insurance agent, and other agents, adequate time. When preparing the bid, compare existing terms without having to lower coverage, increase deductibles, lower the rating of the carriers or have relevant exclusions, among other factors. Success with this bid can have a big impact on your budget.
For more information on AKAM On-Site, call (954) 843-2526, email email@example.com, or visit akamonsite.com.