9 Aug 2016

Filling Blanks in Your Plans

Posted by Orlando HOA Services

whatplanOften times, problems arise when behind the scenes work are not getting done. Those problems can be minor problems or big problems, but they are usually preventable with proper procedures. We would like to have those things done perfectly, however, most of us have lives outside of our HOA. The Board of Directors doesn’t always have the time or the knowledge to do the job right. But all is not lost, here is a simple list of what every HOA needs to get done and tips to complete them to help your HOA to be financially strong in the years to come.

 

 

  1. Budget – Every HOA needs a budget that maps out their entire year. Assuming the HOA is on a calendar fiscal year, July is often a good time to start planning for the annual budget. You have 6 months of the current year and 6 months of the prior year to help you plan for the next year. Another good reason is that your budget needs to be in homeowners’ hands by the end of November. Don’t procrastinate on this!
  2. Annual Report – HOAs are formal not-for-profit corporations where they have to give an annual disclosure report to their investors, or in the case of HOAs, their homeowners. This report needs to be given 30 – 90 days prior to the start of a fiscal year and includes financial and legal information that takes a while to compile. It will include your annual budget, reserve study, and specific policies in your HOA.
  3. Proactive Planning – Summertime gives you a good snapshot of what future projects to do, so it’s also the best time to plan the details. Prioritize what is needed vs wants. You do not need a fancy new security system when the roofs are leaking. Use common sense!

We hope this gives you a quick picture of what your HOA should be doing. Do you need an expert to help with these things? Orlando HOA Services can help you set up good financial practices that will keep your association financially strong and well into the future. Email us at JR@Orlando-HOA.com or visit our webpage at www.Orlando-HOA.com!


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