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Annual Meetings are an important function of your community. It marks a point in time that you address what the Board has focused on for the last year. The community gets a recap of the projects completed and allows an opportunity to look ahead as a group. The community also gets a chance to elect members from the community to help direct the community going forward. In order to have a successful Annual Meeting, here are some helpful hints:
- Visual display: Anything you can show with pictures or in a slide show will resonante with the members 1,000% better than a spoken list. The pictures do not need to be artistic, they can simply be shots from your camera phone taken around the community. These shots will emphasize where the costs have gone towards maintaining and improving the community.
- Sponsors/Door Prizes: If attendance has been an issue for the past Annuals, look to your vendors to donate something to raffle off as an enticement to attend.
- Difficult topics: Sometimes there is something controversial that the Board has had on its plate throughout the year. The best way to address it, is to address it. Sounds simple, but not tackling difficult topics head on will open the door to a more difficult audience. Limit interaction with owners, but be fair to all in attendance. Bear in mind, not all topics are easy, however, the membership needs to know how and why the Board has made decisions.
If you take the time to plan out the Annual, promote it properly and present a good agenda to the membership, you will find that the membership will support the Board in all that they have done.
In closing, thank you all for serving on the Board over the past year. Your efforts as a representative of the community are greatly appreciated.
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Budget season is soon to be upon all of our clients. Below we have opportunties to attend Budget Workshops and work with other Board members planning out next year. Budget Tips:
- Accounting Fees: If your community has not opted out of a review or audit, then you need to make sure to set aside budgeted funds for the appropriate accounting fees.
- Water/Sewer Rates: Be sure to review utility usage and plan to increase according to the announced rates for next year.
- Contract vs Per Application: After the last 2 winters, many groups are looking at annual contracts versus paying per push. Work with your vendor to see if there can be arrangements made to minimize any unplanned expenses.
- Insurance: Sometimes moving up the deductible can help minimize any increases. The best way to save money in insurance is to look at ways to reduce a future claim and reduce all risks on the property.
- Continegencies: A budget is simply an educated guess. With any guess, you are going to get some categories right and some wrong. Make sure you add enough to allow for overruns so the projects can get completed without assessing or postponing items.
- Reserves: Don't forget the future replacement of items. No one likes to pay a large assessment, without saving, you are simply waiting for that reality.
Plan to meet with your Managing Agent as a Board or with a committee to make sure you look ahead to next year.
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Topic: Budget Workshops
Details: Hands on Budget Preparation
Speaker: Kay Bushey
Dates/Locations: (click to register)
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