Category Archives: planning

Finances/reserves

Equipment and major components (like the roofs) must be replaced from time to time, regardless of whether we plan for the expense. We prefer to plan and set the funds aside now. Reserve funds aren’t an extra expense—they just spread out expenses more evenly. There are other important reasons we put association monies into reserves every month: “Whether or not” to me is like “over” to you (and me). 1. Reserve funds meet legal, fiduciary, and professional requirements. A replacement fund may be required by: Any secondary mortgage market in which the association participates (e.g., Fannie Mae, Freddie Mac, FHA, VA). State statutes, regulations, or court decisions. The community’s governing documents. 2. Reserve funds provide for major repairs and replacements that we know will be necessary at some point in time. Although a roof may be replaced when it is 25 years old, every owner who lives under or around it should share its replacement costs. 3. Reserve funds.
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What Is Strategic Planning?

Our association will soon begin strategic planning. What does that mean, and what will be happening? Simply stated, strategic planning is a process we use to determine where we’re going and how we’re going to get there. It includes these steps: Assessing our current position. We will identify our strengths, weaknesses, opportunities, and threats. Knowing where we are now will help get us where we want to be in the future. Identifying our purpose. This will become our “mission statement.” For example, “Our association exists to ensure the highest possible quality of life for all residents.” Setting goals that identify what we need to achieve the mission. Our goals will be specific and measurable, and will provide an indication of how we’re doing as we progress. Deciding how to meet our goals. We may have to allocate resources, create committees, or undertake other tasks to achieve our goals. Developing an.
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