Issue link: https://hub.associaonline.com/i/864939
Bonus! 5 Tips for Communicating the Annual Budget to Homeowners Your community's annual budget directly impacts each individual owner; it is part of their household budget and will affect some owners more than others. Because they will pay special attention to this information, your board can turn the requirement to distribute the budget and assessment notice into an opportunity for education. By informing owners about the benefits of the association and demonstrating how these expenses create and protect the value of their investment, you will increase overall understanding and support. Try these five budget communication tips: 1. Conduct budget education sessions (with refreshments!). 2. Use well-crafted explanations and graphics. 3. Be transparent with the calculations behind the final numbers. 4. Use expert recommendations and publications to support the board's decisions. 5. Share financial progress throughout the year – not just at budget time. Understanding your role and all of the tools available can positively impact your budget experience and ultimately promote financial stability for your community. Debra A. Warren, PCAM®, CCAM®, CMCA® Debra is the Vice President of Development for Associa. Her career in community association management spans over 25 years, including 15 years of experience as a management firm principal and CEO. She is a nationally recognized expert in association management operations, specializing in education, communication and customer service. Greg Smith, CMCA®, AMS®, PCAM® Greg is the president of international membership organization, Community Associations Institute (CAI), leading the effort to provide information, education and resources to volunteer board members and community management professionals. He began his career in the community association management industry 15 years ago, beginning as an onsite manager and eventually becoming a senior community management consultant at Associa. Greg's expertise has led him to be a featured presenter at community association conferences both nationally and internationally. About the Contributors