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8 Easy Ways to Stay Stress-Free During Budget Season
This time of year can add extra pressure to anyone’s day, whether you are a property manager or a board member. Besides being there to lend a helping hand, we hope these helpful tips for relieving stress will help you breeze through budget season! 1. Try an Inversion The “legs up the wall” pose is one of our faces when we need to unwind: “Legs up the Wall” pose is a favorite of yoga instructors when they need to unwind. Of course, if you have any medical issues, we advise that you consult your doctor before attempting an inversion pose. So, how do you do the pose? Find an empty wall and lie on your back. Stretch your legs straight in the air. Scooch toward wall and rest legs on the wall. Rest with legs on wall for 5 minutes. This pose is really good for digestion too. 2. Nibble
A Budget Season Planning Guide for Condominium and Homeowners’ Associations
Article Provided By Jeffrey L. Ducker CPA, CGMA of MBAF KWPMC Certified Vendor As community association managers, board members and unit owners are aware, condominium and homeowners’ associations (HOAs) are required by Florida Statutes (FS) and, generally, by the association’s by-laws, to prepare annual budgets. The annual budget requires considerable effort and is, in essence, a financial plan for the upcoming year. The budget is the benchmark by which an association’s results of operations are measured. If actual expenses approximate those budgeted, it is perceived that the budget was well thought-out and the financial management of the association was effective. If, on the other hand, there are substantial variances between the budgeted and actual expenses, this may suggest that the budget was poorly prepared and/or the association’s operations were poorly monitored. Who Is Responsible for Preparing the Budget? The requirements for the preparation of the annual budget for condominium associations
Is a Budget Committee Allowed to Meet Privately?
Q: Our condominium association adopted the 2019 budget last week and it was a total shock to everyone in the room. The board claims it was the first time they had seen the proposed budget and there were multiple increases. The board kept saying they were following the committee’s recommendation and adopted the budget. What committee is this? How can this be done in secret? A: The budget “season” is one of the most important times of the year for a condominium. Every condominium association approaches the budget differently. Some rely on management to prepare the budget. Some have a treasurer that oversees the drafting process. Some have a committee of owners prepare and recommend the budget to the board. In this last situation, which appears to mirror the operation of your condominium, a committee makes recommendations to the board. This is often referred to as the “budget committee” or
Protecting Your Florida Home: Tips for Snowbirds and Summer Travelers
Whether you are a snowbird heading north in order to avoid Florida’s brutal summer heat or a family getting ready to travel for the summer, there are ways you will want to safeguard your residence before taking off. Florida’s near-tropical summer climate makes humidity control, flood protection and mold and mildew prevention three areas of concern for every absentee homeowner – whether you are gone for the season or just a month or two. If you are a part-time Floridian or a hardcore summer traveler, here are some important home closing procedures to help you protect your property. Monitor Your Electricity and Water Bills for Unusual Variances Monitor your usage while you are away and check for any unusual changes in energy usage. For example, a variance in your electric bill could indicate an appliance or A/C malfunction. Humidity Summer in Florida means oppressive heat and very high levels of
Emergency Planning for Community Associations
Start Planning for a Disaster Now Consider this scenario: You are a board member for a Condominium Association that represents over 300 residents in a condominium complex consisting of two towers. In the early hours of a Thursday morning, you are awakened by a loud knocking at your door. You open it to find a frantic resident telling you that a building is aflame and the fire department has begun to evacuate people. You get dressed and go outside to see four units are actively burning and others significantly damaged. What are you going to do? As a board member, do you have a responsibility to take action? Do you know the plan? Disasters, natural or man-made, occur with alarming regularity. Disasters can occur without warning at any time of the day or night. There are many ways a disaster can detrimentally affect a community. Just like in the above