As I was reading Mark Benson’s Community Association Ink newsletter this morning, I ran across an article written by Candy Cunard – a CPA with Carr Riggs & Ingram. While Ms. Cunard does not work in Colorado, her sage advice on HOA budgeting is universal. The article, 3 Critical Items for Condominium Association and Homeowner Association (HOA) Budgets, focuses on the following budgeting items:
- Obtaining signed contracts with vendors
- Professional reserve studies with periodic updates
- Inclusion of non-cash and non-expense items
Since many Colorado homeowners’ associations are just beginning budget preparation for 2012, taking a couple minutes to read this insightful article will be time well spent.