HOA Budgeting

The association board is responsible for preparing the HOA budget, but this task is more than just listing down expenses. Boards must rely on assumptions about future costs, income, and financial conditions. If these assumptions are unrealistic, the association may face funding gaps, forcing the board to either levy special assessments or significantly increase dues.   What is the HOA Budget? Everything starts with the homeowners association budget. The budget is essentially a forecast of all expenses, with the board estimating…