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START EARLY
Demanding thorough reviews, numerous approvals, and in-depth research, budget
preparation is a long and tedious process that can't be rushed. Never wait until
crunch time—there may be consequences for incomplete, unethical, or poor annual
budgeting. Boards should ideally start budgeting about six months in advance of
the fiscal year. For example, if the fiscal year ends in December, aim to begin in
June or July. Keep in mind that most governing documents require boards to share
the new budget with residents at least 30 days prior to adopting it, so plan added
lead time for copying and distribution.
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