The budget process and determining your condo fee

The condominium budget is planned annually to cover both operational expenses and payment to a reserve fund for future capital projects.  Generally the trustees and the property manager get together a few months before the fiscal year starts with the current year’s expenses and needs for the future. Think of the condo fee as going into a nonprofit organization. Should there ever be too much money in reserve the trustees may elect to reduce the condo fee or return some of it to the unit owners. Healthy reserves are good for both unit owners as well as the condominium overall.    Read the article……………….


Related Articles

HOA Board Members:Creative strategies for reducing HOA costs

As all good HOA board members do, they are always looking to help improve the financial situation of their HOA

Can Condo Associations Bar Political Signs in Common Areas?

A tiny political sign triggered a giant-sized dispute in a Colorado condominium, when the association manager said the sign violated

Insuring Winter’s Woes: Dealing with the Problems of Ice Dams

The birds are chirping, the trees are plush and green, and the beaches are lined with people. The record-breaking winter