Board members can delegate its annual budget development task but not the responsibility for the association’s finances. They have a fiduciary duty to review, monitor, and follow the budget.
Get started with a few HOA budget basics.
Homeowners associations maintain common areas, provide services and amenities, set aside reserves, and meet legal and contractual obligations. The vast majority of a community association’s day-to-day operations and long-term financial health are funded through assessments paid by homeowners. Clear communication and consistent practices are critical for homeowners and board members.
Community associations should consider three top priorities when investing reserve funds: coverage, liquidity, and return. There are several safe and reputable vehicles associations can use.
We share tips to ensure your community association is proactive, prepared, and properly plans for the future.
Our HOA is unhappy with our current management company, and we want to terminate the contract. What are some common reasons to terminate “for cause”? How can we get out of our contract?
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