Condo Media - June 2012 - 45
Connect the Dots
Many times, homeowners do not make the connection between the level of service that they want and its cost. Providing unit owners with facts and figures that show the budgetary impact of services can help in bridging this disconnect. A presentation or newsletter about “Condominium 101,” explaining how the community is governed and the legal responsibilities of the trustees and unit owners, can be helpful in achieving understanding and even support for the budget process.
Cultivate Community Participation
Establishing a finance committee allows members of the community to take part in the drafting of the budget by analyzing the historic expenses of the community and investigating future year cost projections and economic trends. The opportunity to assist in the budgetary process allows unit owners to take ownership for the
recommendations made by the committee to the trustees, who will ultimately approve the budget. If committees don’t draw homeowners, then holding a budget forum may provide an opportunity for participation in the annual process. Encouraging input from the community on the draft budget goes a long way toward decreasing feelings of unit owner disenfranchisement and engendering support for the final product. All boards — but especially the board of the self-managed association — should adopt and adhere to a formal procedure for budgeting. This procedure should detail the steps to be taken in formulating the association’s annual budget. In establishing this procedure, the board should consider its authority and responsibilities under the governing documents, it should reflect on unit owner preferences and desires with respect to level of services, review historic experience and current expense trends, consider
reserve study guidelines for capital replacements and meet the financial requirements of federal, state and municipal entities. In addition, selfmanaged associations should take advantage of the “Best Practices” available from CAI’s Foundation for Community Association Research. This series of publications on a number of different topics, including Finances, Budgeting and Reserve Studies can be downloaded for free from www.cairf.org. Prudent handling of the financial matters of the association is a major responsibility, if not the most important duty of any governing board, but most especially of the trustees of the self-managed community. CM Patricia Brawley, CMCA, AMS, PCAM, has managed community associations for more than 16 years and is currently a management consultant with Central Management Consulting Services.
CONDO MEDIA • JUNE 2012
45
http://www.cairf.org
Condo Media - June 2012
Table of Contents for the Digital Edition of Condo Media - June 2012
Condo Media - June 2012
Contents
From the CED’s Desk
Editorial Board
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Finance
Green Monster
Vendor Spotlight
Energy
Maintenance
Legal
Self-Managed Association Boards
Volunteer Spotlight
Advertisers Index
Classified Service Directory
Condo Media - June 2012 - Condo Media - June 2012
Condo Media - June 2012 - Cover2
Condo Media - June 2012 - Contents
Condo Media - June 2012 - From the CED’s Desk
Condo Media - June 2012 - 3
Condo Media - June 2012 - Editorial Board
Condo Media - June 2012 - 5
Condo Media - June 2012 - CAI News
Condo Media - June 2012 - 7
Condo Media - June 2012 - 8
Condo Media - June 2012 - 9
Condo Media - June 2012 - 10
Condo Media - June 2012 - 11
Condo Media - June 2012 - 12
Condo Media - June 2012 - 13
Condo Media - June 2012 - 14
Condo Media - June 2012 - 15
Condo Media - June 2012 - CAI Regional News
Condo Media - June 2012 - 17
Condo Media - June 2012 - 18
Condo Media - June 2012 - 19
Condo Media - June 2012 - 20
Condo Media - June 2012 - 21
Condo Media - June 2012 - Asked & Answered
Condo Media - June 2012 - 23
Condo Media - June 2012 - Homeowner’s Corner
Condo Media - June 2012 - 25
Condo Media - June 2012 - Finance
Condo Media - June 2012 - 27
Condo Media - June 2012 - Green Monster
Condo Media - June 2012 - 29
Condo Media - June 2012 - 30
Condo Media - June 2012 - 31
Condo Media - June 2012 - Vendor Spotlight
Condo Media - June 2012 - 33
Condo Media - June 2012 - Energy
Condo Media - June 2012 - 35
Condo Media - June 2012 - 36
Condo Media - June 2012 - 37
Condo Media - June 2012 - Maintenance
Condo Media - June 2012 - 39
Condo Media - June 2012 - 40
Condo Media - June 2012 - 41
Condo Media - June 2012 - Legal
Condo Media - June 2012 - 43
Condo Media - June 2012 - Self-Managed Association Boards
Condo Media - June 2012 - 45
Condo Media - June 2012 - Volunteer Spotlight
Condo Media - June 2012 - 47
Condo Media - June 2012 - 48
Condo Media - June 2012 - 49
Condo Media - June 2012 - 50
Condo Media - June 2012 - Classified Service Directory
Condo Media - June 2012 - 52
Condo Media - June 2012 - 53
Condo Media - June 2012 - 54
Condo Media - June 2012 - 55
Condo Media - June 2012 - 56
Condo Media - June 2012 - Cover3
Condo Media - June 2012 - Cover4
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