Condo Association Management Blog

Our condo association (8 units) has a management company which does our bookkeeping using Quick Books. A complete monthly financial report is emails to all co-owners by the bookkeeper. I see no reason why everyone should not have that information.

In the past our secretary only gave us very little information as to the full budget. Which is not right. After all dosen't everyone want to see where their money is being spend. Well I know I do. So we (I) stirred the pot a little and now all of us have decided to go with a management service for our bookkeeping. They assured us (and also thru samples they sent us) that we will now get a full copy of everything monthly. We are going to try them for 1 year contract and see if we like them. 
 
The secretary we did have stepped out of the picture Hay! so if your in concern of what is being paid and how much money you really have I would suggest to go that route. Don't be afraid to step up to the plate and know what is going on. Have a nice day!

Also good luck in getting the acctual figures if you are running your association without management. I trust no one when it comes to our money. If you know what I mean!

Our ASSOCIATION REFUSES TO PROVIDE ANYTHING MORE THAN A GENERALIZED LIST OF EXPENSES. 
 
MAINTENANCE ITEMS $5000.00 
 
NO DETAILS, NO LINE ITEM ACCOUNTING. 
 
OF COURSE, THE BOARD PRESIDENT GETS PAID TO DO OUR LANDSCAPING AS WELL AS MULTIPLE OTHER CONTRACTS. 
 
HIS FRIENDS SEAL COAT THE DRIVEWAY. 
 
IT HAS BEEN SUGGESTED THAT HE RECEIVES A CUT OFF THE TOP FOR OTHER CONTRACTORS. 
GAMBLING ADDICTIONS ARE DANGEROUS ! 
 
WHAT CAN WE DO TO STOP THIS. HE MANIPULATES THE SENIORS WHO RESIDE HERE WHO WILL DO ANYTHING TO KEEP THE PEACE, AVOID HIS WRATH, OUR BELIEVE HIS MANIPULATIVE "PRAISE". 
 
JIM JONES IS ALIVE AND NO SO WELL. 
 
HOW IS THE KOOLAIDE ?

any unit owner paying common charges has a right to access "all" financial information, period. in most states, this right is protected by state law.

I googled many hours to find an example of a comprehensive budget for an HOA. I found this site. Click on "Financials" and look at the projected budget for 2010. http://dillonbayhoa.com/index.html The print is small but hopefully you can zoom in or change the view. 
 
What is of particular interest to me is that reserve projects are listed as a monthly expense; and it lists their various replacement / reserve projects with their anticipated lifespan and years of useful life left. 
 
I plan on giving this to my board in anticipation of our August annual meeting, but it probably won't make any difference because they present a budget (without reserve planning) but don't stick to it anyway even though at the meeting the ownership approves of the budget.

As the treasurer of my condo I have created google documents of the check register and yearly income statement broken out by month. The yearly budget with updated accrued amounts for reference is also available. The link is part of each meeting minutes so all residents have viewing capabilites.