Learn about budget preparation for your community association.
The annual budget prioritizes what is important to the Board and Association. Associations have various prior responsibilities from minimizing assessments and providing only necessary services to optimizing services and amenities. The budget serves as a roadmap for the Association. The projected budget for the year is generally based on historical trends, with the addition of known future projects. Developing a sound budget is an important aspect of the Board’s fiduciary responsibility and the approved document sets the course for the fiscal year as well as ensuring that future projects will be planned for through the reserve allocation within the annual budget.
When working with Spaces, the Community Manager typically creates a draft of the budget for the Board to review. The Board and the Community Manager will work closely together to finalize the budget for the upcoming year.
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If you feel you are compliant and the violation letter was sent in error, please respond in writing so we can look into the matter for you.