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THE BOARD'S ROLE IN BUDGETING
While board members don't need a financial background to budget effectively, it's
important to know what items to review and understand the available resources. A board's
financial responsibilities include:
• Drafting and reviewing the annual budget
• Connecting with professional advisors
• Overseeing fee collection and payment policy enforcement
• Updating reserves and conducting regular reserve studies
• Monitoring spending throughout the year and making adjustments as needed
• Communicating clearly about the association's financial health
Community managers can often support budgeting efforts.
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