Dues Increases – No Resident Wants It, But Every Association Needs It
Most Associations have a traditional calendar fiscal year (January-December), which means soon we will be entering budget season for 2023. Back to basics, your operating budget is what sets the “dues” amount that people will pay each month/quarter/year. Each Association is different in what they are responsible for funding, but operating budgets should account for […]
Association Funds: Operating vs Reserve
Since most associations are on a calendar fiscal year, your Board of Directors and Management will soon start working hard to establish your 2023 Operating Budget. This budget, essentially, sets your “dues” – so we thought it would be a timely opportunity to explain the difference between the “operating budget” and funds VS the “replacement […]
Reviewing Your Dues
Goods and services go up over time. Doing an annual maintenance plan and having a reserve study done every few years will help your board understand what should be charged for dues each month to adequately fund your HOA. The other part of the equation is accounting for inflation of goods and services year-over-year. Opening […]