C21N* Property Management

Task List CRYSTAL DRAKE MELINDA TRAN ZOOM Meetings Caliber Appfolio

Task List

CRYSTAL DRAKE

MELINDA TRAN

ZOOM Meetings

Caliber

Appfolio

Weekly Review Budget Notice to BOD Budget Process Budgeting Notes Reserve Study Updates HOA Websites Map Insurance CAI Budget Notice to Homeowner Dues Increase Notice

Weekly Review

Financials / Delinquencies

Meetings

Activities

Work orders

Q2 Maintenance Tasks

2021 Capital Improvements

Budget Notice to BOD

Dear Board of Directors,

Your 2021 Proposed Budget has been prepared and posted to your Board of Directors Portal. The next step in the budget process is to schedule a Board of Directors meeting to discuss and approve the budgets. These meetings must necessarily be held remotely. Please provide us with your preferred dates and time, and we will facilitate the meeting via Zoom.

To help improve communication between management and board members, we have upgraded our Board of Directors Portal. It now includes a summary of management responsibilities as well as maintenance schedules and vendor details. The board can conveniently review all association matters and responsibilities in one place. Budget season is an excellent time to review the information posted to the portal, particularly the Recurring Maintenance and Capital Projects portions.

Your website is www.WygantLoftsCondominiums.com

The Board of Directors Portal is passcode protected: WLC2015

The passcode for homeowners is: WLC1014

Please let me know if you have any questions - Raina

Budget Process

HOA Budget Preparation

Each HOA will have 2 (or more) budgets:

Operating Budget

General Reserves Budget

OPERATING BUDGET

Begin 4 months prior to year end date (September for 12/31 year end)

You will need:

Reserve study
P & L for prior past 12 months (9/1 – 8/31)
Prior budget excel spreadsheet

Create new budget spreadsheet (from last years)

Enter last years budget in 1^st column
Enter 12 month actuals from P & L in 2^nd column
Note: P&L Chart of Accounts and Budget Accounts must be the same
Review each line item in income and expenses:
Insurance – use complete figures from last policy renewals
Maintenance – provide BOD with detailed reports. Make sure that each memo line has a description
Utilities – inquire of rate increases and adjust

Will current assessments be sufficient to cover operating budget and recommended contribution to reserves?

Yes = Provide one proposed budget in Column 3

No = Prepare three proposed budgets

No change in assessment
Increase assessment to cover full reserve contribution recommendation
Meet halfway between current reserve funding and recommended reserve funding

RESERVES BUDGET

Update prior budget spreadsheet

Check balance sheet from end of FY for reserve balances

Review reserve study for annual expenditures

EMAIL TO BOD:

Dear Board of Directors,

Attached is a draft of the (2014/2015) budgets for review and discussion.

Operating Budget

The total proposed assessment is $39,960 per year ($185/mo. per unit).

This budget recommends no increase to monthly dues.

The recommended annual contribution to the reserve accounts, according to the reserve study is $7,000.00. This budget allows for a total reserves contribution of $8,790.00

(Water/Sewer) expenditure was increased by 7% per the Water Bureau’s estimate

Cost of management increased by 3%.

Reserves Budget

This budget includes a list of proposed projects to be completed during the year, and their effect on the reserve funds.

This budget is based on the reserve study prepared on xx/xx/xxxx by Regenesis. We recommend obtaining an updated reserve study at this time.

ATTACHMENTS

Budget Spreadsheets

P & L with past 12 month figures

Detailed list of Maintenance

Other detailed lists as needed

Budgeting Notes

Calculate Percentage of Dues Increase

Old Assessment: 20,000 / New Assessment: 28,000 / Difference is $8,000
8,000/20,000=.40 or 40%

Funds in Checking at Beginning of Year

3 times monthly income, plus any large payments due during the year.

Total income ($75,000 / 12) x 3 = 18,750
Plus $4,500 insurance premium due in July = $23,250
Anything more should be transferred to reserves in January, per a board motion

Management Budget Worksheet

Reserve Study Updates

HOA Websites Map

Insurance

CAI

Budget Notice to Homeowner

Dear Homeowner,

The 2021 budget has been approved by the Board of Directors and has been posted to the Association's website.

There will be no increase to monthly dues in 2021. Please continue to make the same payment amount each month.

To help improve communication between management and homeowners, we have upgraded our Association websites.

Your website is www.VintageRoseCondominiums.com

Some information is confidential and password protected

The passcode for homeowners is: VRC1014

Dues Increase Notice

Dear Homeowners,

The Board of Directors has approved and adopted the budget for 2021.

Beginning January 1st, HOA dues will increase to $175 per month.

If you’re currently using an automatic payment method for your HOA dues, please ensure to update the monthly amount.

To log into your account, visit your association’s website and click “Pay HOA Dues” to access the homeowner portal and change your recurring payment amount. If you need further assistance with the payment portal, please call Alliance Bank customer support at (888) 734-4567.

Your website is www.AshbrookCondominiums.com

Some information is confidential, and password protected

The passcode for homeowners is: ABC1014