Association Budget Preparation 101
As Boards of Directors are preparing their annual Association budgets, there are some important tips to consider that will help ensure that the budgets are as comprehensive and as accurate as possible.
First, it is critical to review the timeline for the association budget completion and approval by the Board, so that distribution requirements set forth in the HOA’s Governing Documents can be met. For example, some HOAs’ CC&Rs state that the approved budget must be mailed or delivered to homeowners 30 days prior to the effective date of the budget or prior to year-end.
While keeping these critical deadlines in mind, consider the following items to help make the HOA budget preparation process successful:
Download our latest guide on HOA Budgets HERE