Condo Media - July 2017 - 20
Homeowner's Corner
The Association Financial Report
What it is, and How to Read It
Many states around the
country require association boards to submit financial reports to
association members-
or, at least, make them
available on request. A
financial report includes
information that association board members use
to plan the community's
annual budget and direct
its financial operations.
Examining the association's financial reports
shows how your money-
and your neighbors'-is
being spent.
The following may help members
to better understand the information
your association financial report might
contain:
n Start with the summary. The year's
financial highlights-what was earned,
what was spent, and what remains
available in reserves-is usually summarized in simple language in the first
page or two of the report.
n Read essential financial data. Pay at-
tention to the association's cash position and reserve fund balances, which
will be indicated separately from the
operating funds.
The financial report should be separated into the following parts:
The balance sheet includes the association's assets (income and reserves)
and liabilities (what is owed) at a
specific point in time.
Representing Condominium Associations, Homeowner
Associations and Management Companies throughout
New Hampshire and Northern Massachusetts.
Providing representation in all areas of condominium
law from drafting and execution of condominium
instruments, amendments, collection of assessments to
litigation from trial through appeal.
For specific questions and to find out how we can
service your particular needs, please contact our office
and speak with one of our attorneys.
(603) 627-5997
45 Bay Street
Manchester, NH 03104
(603) 742-1052
3 Webb Place
Dover, NH 03820
(800) 828-3200
565 Turnpike Street
North Andover, MA 01845
www.fenigeranduliasz.com
Serving clients in all of NH and northern MA
20
CONDOMEDIA
The income statement indicates what
money the association can expect from
regular and special assessments and
other sources like clubhouse rental or
interest from investments.
The statement of cash flow is a
summary of anticipated income and
expected expenses than may include
utilities, maintenance contract payments-landscaping, pool, trash pickup,
elevators-as well as insurance costs,
payroll, and taxes.
n Review marketing information.
Prospective buyers often ask to see an association's financial statements, so basic
marketing data about the community
may be included in the report. This information can be valuable in marketing your
own home if you decide to sell.
Condo Media - July 2017
Table of Contents for the Digital Edition of Condo Media - July 2017
Table of Contents
Condo Media - July 2017 - Cover1
Condo Media - July 2017 - Cover2
Condo Media - July 2017 - Table of Contents
Condo Media - July 2017 - 2
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Condo Media - July 2017 - Cover3
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