As a board member, you’re responsible for managing the community’s finances and will spend a fair amount of time projecting and monitoring the financial condition of the organization. While this can be an intimidating part of the role, the good news is that you don’t need to have a financial background to be effective in budgeting and financial planning for your condo. It’s simply a matter of knowing what information is most important for you to review and what resources are available.
At Associa, we’ve spent countless hours helping board members set budgets and maintain financial stability for their organization. With our 41+ years of service to various condos and our staff of designated managers and certified accountants, we bring valuable insight and expertise in the financial management space. In the following pages, you’ll learn all about budgets, including what they are, how to set a budget, tips for communicating the budget, and much more.