HOA Forecasting For 2015

January 6, 2015

Ideally your HOA sets attainable goals for itself each year. If not, here are a few things Associa says to consider or recommend to your board when planning for in 2015.

Improve Financial Management.

  • Set a goal to increase the reserve fund by at least 10%.
  • Develop an annual budget report and policy statement that is provided to all residents.

Communicate Efficiently

  • Keep website up to date (or create one if necessary).
  • Establish direct communication with residents (email, newsletter, flyer etc…) to keep them informed about board priorities and achievements.

Hold Board Members Accountable

  • Encourage membership in the Community Associations Institute, and reimburse members for their CAI dues during their board service.
  • Adopt a policy that each board member will commit to attending at least three hours of HOA education annually.

Get Neighbors Involved

  • Hold HOA social events like picnics, holiday events, community enhancement projects, etc.
  • Find something new your association can do to help members feel more informed and connected to your association.

Audit

  • Work with utility providers to audit the use of electricity, gas and water to identify areas of waste and possible improvements.
  • Hire an independent contractor to make an overall assessment of association maintenance and repair needs, to help discover any overlooked problems which could become more expensive later.

If your association is doing a number of these things annually, it is already ahead of the game and most likely enjoys a flourishing relationship between the board and the community. If some of these recommendations have yet to be addressed, you may want to think of presenting them to your board as some objectives to work toward throughout the year to ensure the community is on the right path. For more information on how Associa can help add value to your HOA community, please visit www.associaonline.com.

By Billy Rudolph
Corporate Communications Director

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