Budget Fundamentals
Course Overview
In this course we discuss fundamentals of the budget and financial management process for community associations. When used properly, the budget serves the association as a guide to compare, throughout the fiscal year, its actual revenue and expenses to its budgeted revenue and expenses. Good financial management practices are a responsibility of a board of directors as well as that of a CAM, management firm, and/or managing entity.
The essential elements of a budget are described. The budget provides a basis to make necessary changes to ensure, as much as possible, that the association is staying within budgetary limits while working toward achieving the community association’s long-term goals and short-term objectives.
Learning Outcomes
Upon the completion of this course, the learner should be able to:
- Understand some of the primary elements of a budget
- Identify the roles of those who develop an annual budget
- Understand the role of a CAM, management firm or managing entity
- Know the statutory requirements for condominiums, cooperatives, HOAs, and timeshares
- Understand the processes of budget preparation and development
- Identify the components of the operating section of a budget
- Understand the reserves, their functions, processes, and characteristics
- Discuss statutory reserve requirements
- Understand insurance statutory requirements as it applies to budget preparation
About the Author/Presenter
Laura Matijak received her community association manager license in 2001 and has CAM experience that spans over twenty years. Laura earned her PCAM designation from Community Association Institute in 2007 and was a of the Society for Human Resource Management (SHRM).
Before attaining her CAM license, she worked as an independent consultant with HOA developers. After receiving her license, she was senior manager with a Palm Beach County CAM Firm, providing supervision and training to other CAMs.
Laura’s educational background is in organizational leadership and human resources development. She received her master’s degree from Barry University and served as Adjunct Professor with Barry University from 2005 through 2012.
Laura is still active in the real estate profession as well as community association management. She has served on her own homeowners’ association board for several years, in the roles of secretary, vice president and president. Development, design, and communication are her personal enjoyments.
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