The Community Association Budget Process A community association budget is an itemized summary based on the anticipated income and expenses for each fiscal year. Most community association documents require that the board of directors adopt a budget for each fiscal year. Most associations’ fiscal year is the calendar, and thus, the board will start work on the budget in the [...]
Reserve Funds for Community Associations Arizona law does not require a developer or an association to create and fund reserves for a community association (however, some association documents may require this). Adequate reserve funding is in the best financial interest of the association. Reserve funding allows an association to provide for the repair, maintenance, and replacement of the association’s assets [...]
Theft of Association Funds Theft of association funds is, unfortunately, becoming common in community associations. Arizona newspapers have reported in the past few years misappropriation of funds by a management company, the unexpected closure of a small management company after individuals absconded with funds from several associations, and a manager taking a million dollars from an association. If you have [...]
