Wednesday Buzz: Budget Tips for Community Associations
Community associations, this one's for you: Learn how to stretch your organization's finances so you don't have to bend over backwards to balance the books. Plus: Microsoft's latest investment in New York education.
With 2016 approaching, finance teams at community associations are dusting off their accounting books to plan next year’s budget. Just in time, Chicago Tribune reporter Pamela Dittmer McKuen has come up with a list of tips and tricks for community groups from real estate and financial veterans.
Being proactive and starting early are central in planning a budget, and capitalizing on the opportunities that early action affords can result in some tangible benefits, McKuen writes.
In working with contractors, for example, “if you have been happy with the service you receive, take advantage of early-bird pricing,” Craig Finck, vice president at Alliance Association Bank, said.
Joel Garson, president at Hillcrest Property Management, highlighted the importance of investing in things that pay off in the long run, such as switching to longer-lasting LED lighting or hiring an energy consultant.
And like all organizations, community associations need to keep an eye out for new, underdeveloped revenue streams—for example, from pet fees or penalties for violations of community rules, McKuen writes.
Tweet of the Day
Everyone wants their association’s public image to shine. Unfortunately, all associations face bad publicity once in a while. When you do, make sure you respond well. Event Manager Blog has some advice on how to keep a bad event from tarnishing your organization’s reputation.
Other Good Reads
Microsoft has announced its latest investment, but it has nothing to do with the company’s core businesses. The tech giant has announced a large donation to New York City education nonprofits, in honor of the opening of its flagship store in Manhattan.
Looking to bring your association to the rest of the world? Four destination marketing organizations have come together in this Successful Meetings post to provide associations the resources they need to expand their reach.
Associations in Spokane, Washington, are worried a new proposition to raise the minimum wage will deter donors, KREM’s Kaitlin Loukides reports.