Condo Media - July 2022 - 2
President's Message
WWW.CAINE.ORG
MONEY MATTERS!
I
t's a somewhat basic concept - you can't spend more money than you
have, right? That's true for individuals, households, corporations, and,
more applicable here, condo association communities. Setting a budget
annually will help guide you with how much money you'll be collecting
and how much money you then have available to spend. Using the prior
year's expenses and anticipated costs for the upcoming year, including
any likely utility increases or special projects will give you an idea of how
much you'll need to collect.
An important step of the budget process is to plan for the future replacement
needs of the community by funding a reserve account. FHA insured lenders
require at least 10 percent of the association's annual income be contributed to a
reserve fund. Many communities hire reserve specialists to provide a current estimate
of the costs of repairing and replacing major common area components
over several years. Funding a portion of these large replacement items (roofs, pavement, boiler,
elevator, etc.) each year will help to ensure that when the component is due for replacement,
enough funds are available in the reserve account, reducing the need for an emergency supplemental
fee charged to owners.
Sometimes, unforeseen expenses must be addressed promptly to minimize liability to the
association, reduce the risk of damage sustained to units or common areas, or even to comply
with municipal inspections. In these instances, incorporating a small cushion to your budget may
help to offset these unexpected events. Alternatively, you may choose to use any accumulated
free cash (total operating cash, less current liabilities) to fund these unanticipated occurrences.
Ultimately, it's the Board of Trustees fi duciary responsibility to decide how best to plan for the
association's fi nancial future.
Sincerely,
Jill Wetmore-Piken, CMCA, AMS
2022 CAI-NE Chapter President
2 CONDOMEDIA July 2022
http://WWW.CAINE.ORG
Condo Media - July 2022
Table of Contents for the Digital Edition of Condo Media - July 2022
Contents
Condo Media - July 2022 - Cover1
Condo Media - July 2022 - Cover2
Condo Media - July 2022 - Contents
Condo Media - July 2022 - 2
Condo Media - July 2022 - 3
Condo Media - July 2022 - 4
Condo Media - July 2022 - 5
Condo Media - July 2022 - 6
Condo Media - July 2022 - 7
Condo Media - July 2022 - 8
Condo Media - July 2022 - 9
Condo Media - July 2022 - 10
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Condo Media - July 2022 - 14
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Condo Media - July 2022 - Cover3
Condo Media - July 2022 - Cover4
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