Associations should be working on their 2025 budgets! There are several things for Associations to consider when starting the budgeting process, especially if there have been significant changes in the community or if the community has undergone financial hardship. A community association budget is a summary based on the anticipated income and expenses for each fiscal year, broken down into [...]
I’m often asked for a quick 5 minute summary of what board members need to know to stay out of trouble while they are serving on their board. Here is a quick overview of a board member’s responsibilities. 1. Run the association as a business (for example, use licensed, bonded and insured vendors). 2. Follow your association’s documents and the [...]
Summer is officially here and many associations across the valley take a momentary “break” from association business to enjoy the summer. If your association board holds less meetings over the course of the summer it is important to remember that the board must remain vigilant about monitoring the association’s finances. Our firm has found that a lack of oversight leads [...]
The COVID-19 Pandemic has had, and will continue to have, a wide ranging impact on the global and domestic economy, which will inevitably trickle down to Arizona residents and Arizona community associations. The extent of the impact will vary from community to community; however, all boards should be thinking about the potential ramifications on the community’s budget and finances. While [...]
Most community association documents require an associations' board of directors to adopt a budget for each fiscal year and early to late fall is typically the time of year devoted to that process. Because the management company is familiar with all aspects of the association, they usually prepare the budget for the board's approval. However, an association's finance committee should [...]
By: Beth Mulcahy, Esq. Here are our Quick Tips for the Annual Budgeting Process that will make sure your board is assessing the current and future needs of the association. In a planned community, the budget must be approved by the board, but there is no requirement that the budget be approved by the membership prior to the start of [...]
