Audience: Community association board members (officers or at-large members in a decision making role)
Where: American Community Management Hanover Office:
7484 Candlewood Road, Suite H, Hanover, Maryland 21076
Dates: Choice of Wednesday, September 19, 6:00-8:00 pm or Friday, September 21, 12:00-2:00pm
Topic: It is the fiduciary responsibility of the association’s board of directors to prepare and adopt a budget of the estimated common expenses. Budgeting will aid in determining the amount of assessments needed to maintain the association’s common elements on an annual basis, or in accordance with the association’s governing documents. We will provide information on the best practices ACM has developed pertaining to the budgeting process:
- Techniques and methods for creating a budget, reviewing current and historic financial information and preparing projections
- Addressing major cost categories using driving factors (contracts, discretionary items, collections, projects, utilities insurance and administrative costs)
- Determining the level and allocation of assessments
- Determining if reserves (operating and replacement) are adequate using the reserve study and cash flow trends as key resources
the notification requirement (to membership)
Materials and light refreshments to be provided.
Contact Peter Giguere to register at firstname.lastname@example.org with your name, association and desired date for attendance. Thank you and we hope you are able to participate!