There are many things happening throughout the year that
affect your board and residents. By dividing your annual
calendar into five periods you are sure to maximize your
organization and smooth out your budgeting and planning
process.
1. September – November: Budgeting
Create your budget and determine what projects you want to
complete the following year.
Starting this process well in advance of the coming year
enables you to mail the budget to all owners and hold a
special meeting to answer any questions about the budget.
Your residents will appreciate this meeting.
2. December – February: Planning
Plan your projects and create all your request for proposals
(RFPs).
This is generally the slow season for your association, so
preparing your RFPs during the project off season lets you
take the time necessary to create them with care and
attention to detail. An early start to creating your RFPs also
allows the board plenty of time to review all the project details
so changes can be made prior to getting estimates.
3. February – May: Bidding and Contractor Selection
Having approved RFPs ready early in the year gives you a
higher probability that contractors will bid on the project. This
is because it is the slow time of year for contractors and they
are more than willing to work on quotes for your association.
Submit each of your RFPs to multiple contractors to estimate
project cost. When all estimates are received, they are
reviewed by the Board, the contractor is selected, and the
project is scheduled. At this time, you can notify your
residents of the contractors and project dates to keep them
informed about what is happening with the association.
4. May – August: Projects Start and Are Completed
All your due diligence took place and the weather is
appropriate, so now is the time for your projects to get
completed.
If you wait until now to start getting project bids the good
contractors are going to be too busy working with other clients
to give you bids.
5. August – September: Review Unbudgeted Projects
Sticking to your annual budget and operating plan helps
provide direction for the association for the year. Now is the
time to review the budget for surplus income to complete
unbudgeted projects.
Once all projects are nearing completion it is time to review
your financial projections to determine if your association is
under budget and has the funds to complete any extra
projects this year. If so, there should be enough time to get
them done.
Following this annual timeline is sure to help you get more
bids for your projects, get those projects completed on
schedule, and have plenty of time to engage residents in your
association's operations.
Leadership Alliance: Why do residents love your
association? The majority of respondents say residents love
the amenities (clubhouse and pool), because they area areas
that bring the community together.
In associations without similar amenities, consider using
green space to host events or starting groups that meet at
unit owner homes. A strong sense of community spirit is
something you need to continually cultivate.
Question: Why did you volunteer to run for your board?
Email your response to abarzak@cpscolumbus.com.
Kommentare