Is Your Neighborhood Ready For 2011?

Happy-New-Year.png

Do you have all of your Neighborhood or HOA ducks in line for 2011?

During the holidays it's easy to be distracted with the myriad of activities and functions. However, it's important to take the time to look beyond December 31, and determine if your programs are ready.

  • Association Calendar - One of the best ways to prepare your association for the new year is to create an Association Calendar and include, at a minimum these items listed below.
  • Annual meeting - Read through the bylaws to determine the annual meeting date; schedule the notification mailing.
  • Board meetings - Does the Board meet on a regular schedule? For instance, the first Monday of each month at 7pm. Some associations will skip a board meeting during the summer months. Plan for such seasonal adjustments on the monthly schedule.
  • Committee meetings - When do the committee(s) meet? Generally, it is best to schedule those meetings in advance of the board meeting so reports and recommendations from the committee can be brought forward to the board.
  • Tax filings - Unlike personal tax filings, associations must follow the "corporate" tax filing dates. For instance, federal income tax returns for associations are due on March 15 - not April 15.
  • Maintenance and Reserve Study - Is there a maintenance schedule and/or calendar in place? If so, it's time to review those dates. For those associations located in the northern states where the winter conditions can last for months, it's important to be prepared for "opening up" the facilities and/or "closing down" facilities. If, in the upcoming year, a major reserve project is scheduled (i.e., road repaving), you'll want to have your duck in row well in advance of the project.
  • Significant events - Community events centered around bringing members together play a major role in your association. Perhaps there is an Easter Egg Hunt in the works. What about a community-wide garage sale? Hayrides can be a fun event during the fall holidays. Whatever you are considering, include it on the calendar.
  • Staff Holidays - If your association has onsite staff or if your management company office is involved, make a note on the calendar of holidays that the office will be closed. Members can then count on this schedule when they are making plans to use the facility and/or contact their management company.
  • Newsletter schedule - Many associations have a newsletter that is distributed on a regular schedule (monthly, quarterly, semi-annually). Contact the individuals who are preparing the newsletter and set calendar deadlines for completing the newsletter.
  • Budget schedule - One important item that always sneaks up on your association is the budget cycle. Working backwards from December, make certain that there are enough planning days on the calendar for developing the budget, seeking homeowner input, discussing the budget at a board meeting, approving the budget, and finally notifying the members about the budget. For some large associations, this process can take 4-5 months. It is not surprising that some associations begin the process in July or August.
  • Audit plan - Is your association considering an audit or review of the financial reports this year? Generally, most audits cover an ending date of 12/31/XX. As such, most auditors like to be involved in January and February, prior to completing the tax filings. If an audit is one of the goals for the association, plan on work beginning as soon as possible after the year end financials are wrapped up.
  • Management Plan - In conjunction with your Association Calendar, it's imperative that the Board members and the Community Manager develop a management plan. The plan includes the tasks to be performed by the management team and sets the goals for the new year. A typical management plan would include:
    • Rules Enforcement
    • Property Maintenance
    • Association Services
    • Communications
    • Finances
    • Administration
    • Asset Protection
    • Policy Development

At regular intervals, usually at board meetings or board study sessions, the management team should monitor, adjust, and review the Association calendar and management plan. Both of these, when used in combination will help in operating the association as efficiently and effectively as possible.

Source: Association Times
Search All Articles
Related Articles
How to Prevent House Fires
05fire-jumboThere are several things you can do to prepare and prevent disaster from striking your home.
5 Things to do if your House is Still on the Market
House-for-saleThere is a wide array of reasons why your house might not have sold yet, not all of which are in your control.
Things to do Before Buying a House
NewhomeBuying a house is only the first of many new adventures.
5 Things The Pros Do Before Every Board Meeting
Board-meeting Preparation not only enables you to participate more thoroughly, but you also appear more professional and reliable.

More...
Most Popular
Deaf Awareness Week
DeafthumbDeaf people can do anything except hear! - I. King Jordon
Obama Mortgage Rescue Plan FAQ
LifepreservermoneysmDetails on the Obama Mortgage Refinance and Loan Modifcation Plan-Who qualifies and how to get it.
FHA Refinance Loan Options and Guidelines
FharefismFHA refinance loan programs are available to those who have a current fha loan and those that don't.
Making Your Home Energy Efficient!
Photo_heatloss_house_2_thHow to do a home energy audit and make your home more energy efficient.

More...

Zip Code Profiler

Neighborhoods, Home Values, Schools, City & State Data, Sex Offender Lists, more.

Instant Home Value!