LOOK AT YOUR HISTORY
To ensure the accuracy of the proposed budget, boards should analyze
historical data. Review past financial statements and expense reports
to get a clear picture of the association's financial position. Compare
actual financial activity to the budgeted activity and make note of any
discrepancies. Determine where there are excesses and shortages and
identify trends. Taking all of this into consideration will help boards
make appropriate adjustments and projections.
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