4 Steps to Prepare Your COA Budget

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4 Steps to Prepare Your COA Budget
core-acct.com
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Budget Preparation
Budget preparation is an essential part of every
associations finances, no matter the time frame
quarterly or annually. For homeowners
associations, a well-drafted budget must be
prepared as a new financial year approaches, but
not all associations know how to draft an HOA
budget.
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Gather a Task Force
While it is part of an HOA boards responsibility
to draft an HOA budget, creating a task force
devoted to the project will go a long way to
help. The task force does not need to include
only board members
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Plan a different Budget Session
Ensure to dedicate an entire day or days for the
HOA budget planning as it demands you give it all
your best. When you have much time, you can
always go over factors that can affect your
finance and you will be able to make the best
decisions. It is also crucial that all
participating parties be present at the session
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Create crystal clear objectives
Find out what changes they would like to see and
what they would prefer to remain unchanged.
Determining a crystal-clear objective will help
you visualize what everyone would like the
community to look like.
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Create your HOA Budget
Once all the necessary factors have been
evaluated, you can go ahead to create your HOA
budget. A rule of thumb is when you happen to be
in doubt over any figure, it is better to
overestimate the prices than to underestimate
them.
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