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8. INADEQUATE BUDGETING
Two prevalent board practices regularly land on the list of major no-nos, and they
usually go hand-in-hand: not raising assessments and deferring maintenance.
While no one likes making the unpopular decision to raise assessments,
as a board member, it's your duty to budget wisely. That means protecting,
maintaining, and enhancing the community—all things that cost money. You can't
wait for items to fail; you must be proactive and set realistic budgets for repairs
and necessary maintenance. Deferring maintenance because you don't want to
raise fees will cost your association in the long run.
I recommend that boards look into taking a proactive approach rather than a
reactive approach with community maintenance. Being proactive results in
cost savings, improved safety, increased efficiency, and protection of common
assets—benefits that all go a long way toward supporting property values and
making your community a pleasant place to call home."
- Rob Hastings, PCAM®, CMCA®, AMS®
Regional Field Services Director East
Associa OnCall
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