Unveiling the Pulse of Florida Communities

CAM Monthly Reports Tell All!

By Marcy Kravit, CMCA, AMS, PCAM, CFCAM, CSM

Monthly community association management reports are essential documents that provide valuable information to the board of directors. These reports offer a comprehensive overview and summary of the association’s financial activities, operations, and overall status.

They play a vital role in ensuring accountability among the management team and board of directors, meeting fiduciary duties, fulfilling contractual obligations, providing status updates, and equipping the board with the necessary knowledge to make informed decisions.

Outlined below is an overview of the key elements you may wish to include in the monthly report for your community association:

Financial Overview

• Provide a detailed breakdown and financial summary of the association’s income, expenses, and overall financial health
• Present budgeted versus actual expenditures, outstanding maintenance dues, reserves update, and any financial discrepancies
• Enable informed decisions regarding budgeting, expenses, and future projects

Budget Monitoring

• Track the association’s budget throughout the year and compare actual expenses to the approved budget
• Identify any discrepancies or potential overspending in specific budget categories
• Highlight areas that may need adjustments or additional attention to ensure the association’s finances remain on track

Delinquency Tracking

• Provide updates on the collection of assessments and any delinquencies
• Include information on the number of delinquent accounts, the total amount outstanding, and any actions taken to address the issue
• Highlight efforts made to ensure timely collection of dues and maintain the association’s financial stability

Maintenance and Repairs

• Provide information on ongoing maintenance and repair activities within the community
• Include routine tasks, major repairs, and capital improvement projects
• Keep the board and members informed about progress, costs, and impact on the community

Rule Compliance & Violations Report

• Offer updates on violations and inspections regarding the community’s rules and regulations
• Identify recurring issues and enable appropriate enforcement actions
• Emphasize the importance of promoting a harmonious and well-maintained community environment through rule compliance

Operational Updates

• Communicate important updates, announcements, and upcoming events
• Include information about meetings, social activities, projects, and community news
• Keep the board and members well informed and engaged.

Sample Monthly Report Format for a Community Association:

[Community Association Name]

Monthly Report—[Month, Year]

Introduction

• Briefly summarize key points and developments during the month

Financial Update

• Income breakdown for the month
• Major expenses categorized by relevant areas
• Comparison of actual expenses against the approved budget
• Status of reserve funds

Project Updates

• Ongoing projects or initiatives with progress updates, milestones, and challenges
• Introduction of new projects proposed or initiated during the month

Wish List & Recommendations Review

• Addressed items from the community’s and management’s wish list or suggested improvements
• Current items under consideration

Staffing and Operations

• Updates on staff changes or additions
• Notable operational achievements or challenges from each department

Compliance and Legal Matters

• Updates on compliance-related matters, aspects related to governing documents, regulations, violations, and enforcement actions
• Summary of legal issues the community may be facing, pending lawsuits, or resolutions

Member Engagement

• Significant communications received from community members during the month
• Upcoming events, meetings, or social activities

Maintenance & Repairs

• Overview of routine maintenance and repairs conducted during the month
• Updates on building repairs, common area maintenance, landscaping and grounds maintenance, road and pavement maintenance, exterior maintenance, amenities and facilities maintenance, and capital improvement projects

Committee Updates

• Updates on the activities, progress, and decisions made by various committees within the community
• Summary of ongoing projects, committee meetings, requests for community input, opportunities for involvement, and the committee chair or point of contact

Board Action Items & Management Recommendations

• Summary of action items or decisions made by the board of directors during the month, any items pending, and management
  recommendations

The monthly management report aids both the board members and managers in enhancing productivity and fostering a shared understanding within the community association. It plays a crucial role in ensuring that all stakeholders are well informed and aligned, promoting effective collaboration and decision-making.

The items listed below are how the report facilitates positive outcomes:

Improved Productivity—By reading the report, board members and managers gain a comprehensive overview of the association’s financial activities, operational updates, and overall status. This information enables them to identify any challenges, inefficiencies, or areas for improvement. By addressing these issues, productivity can be enhanced, ensuring that resources are utilized optimally and tasks are completed efficiently when drafting board meeting agenda items.

Shared Understanding—The report serves as a common source of information that brings board members and managers onto the same page. It is a collaborative effort. It provides a holistic view of the association’s performance, items pending, strategic planning, challenges, and goals.

By reviewing the report, all stakeholders can gain a shared understanding of the community’s financial health, ongoing projects, and compliance matters. This shared understanding fosters a productive relationship, better communication, coordination, and alignment among the board and management.

Informed Decision-Making—The report equips board members and managers with the necessary knowledge to make informed decisions. It provides insights into financial trends, budgetary allocations, and operational updates. By analyzing this information, stakeholders can assess the potential impact of pending decisions on the community association. This informed decision-making ensures that actions taken align with the association’s objectives and benefit its residents.

Enhanced Communication—The report serves as a valuable communication tool between the board members and managers. It provides a structured format for sharing updates, progress, and any concerns or issues. By regularly reviewing the report, all parties can engage in meaningful discussions during meetings, fostering open dialogue and effective problem-solving.

Accountability and Transparency—The report promotes accountability among board members and managers. It allows them to track progress, identify any deviations from plans or policies, address any areas of concern, and determine if they need to shift gears. This accountability ensures that everyone is aware of their responsibilities and actively working towards the association’s goals.

Moreover, the transparency provided by the report builds trust and confidence among the association’s leadership. The reports can be used to draft a monthly newsletter to keep the members informed.

In conclusion, the monthly reports are essential for facilitating effective communication, maintaining transparency, and upholding accountability. These reports provide a comprehensive overview of the association’s financial status, ongoing projects, and compliance with regulations. By regularly reviewing these reports, boards and managers can make informed decisions that benefit their community and ensure its efficient management. The insights gained from these reports empower managers and boards to fulfill their roles and responsibly contribute to the continued success of their community association. ⁿ

 

Marcy Kravit, CMCA, AMS, PCAM, CFCAM, CSM
Director of Community Association Relations
Hotwire Communications
FCAP Program Coordinator