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Implement These Strategies for Successful Association Budgeting

Posted by Jane F. Bolin, Esq. | Dec 12, 2014 | 0 Comments

3 Tips for Successful Association Budgeting

It's the end of the year and that means that you need to be thinking about preparing your budget for 2015. Budgeting can be tricky and it takes a lot of organization and time- but don't skimp on the time. Proper budgeting is key to success in community associations so you need to ensure that you have the right strategies in place. You don't ever want to be in a situation where you are so low on money that you run into big problems.

Here are 3 tips for successful association budgeting:

  1. Keep a reserve: You need to expect that you're going to run into emergencies. It happens and you need to be prepared. If you need to deal with a hurricane or fluctuating insurance costs, you want to make sure that you have enough wiggle room.
  2. Try to avoid legal disputes: Legal disputes can be a headache and expensive. While they can't always be avoided, you really should try to mediate if you're going to court. Take steps to improve relationships between residents and management in order to avoid disputes, and don't be afraid to call in the professionals to help you when they occur.
  3. Think towards the future: The future is green and whenever you are buying new equipment or upgrading areas, you need to keep this in mind. You want to spend money on things that are energy efficient and sustainable- it will be worth the initial cost in the long run.

When it comes to successful association budgeting- plan, plan, plan ahead. We can't stress enough how important it is to do an evaluation of your current plan and find areas where you can improve. Associations often don't realize that they are spending more than they need to on insurance or that they could find a better landscaper for less money. Put time into your budget and you will see the payoff in the future. Click here for more information on successful association budgeting.

About the Author

Jane F. Bolin, Esq.

Founding Member, Managing Partner


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