Condo Media - July 2018 - 2

President's Message
WWW.CAINE.ORG

FINANCIAL PLANNING
AND FISCAL RESPONSIBILITY

S

ound financial planning is the bedrock of every well-run association, but what is "sound financial planning?" For many, projecting
a balanced budget at the beginning of the fiscal year is considered
a well-run community; however, projecting a balanced budget and
achieving a balanced budget are two separate and distinctive goals.
As association managers, we will be receiving the June monthly
financial statements to review the first six months of the calendar
year. We will be able to review the year-to-date expenses and project for the
remaining fiscal year. Unfortunately, most of us will come to the inevitable realization that the prior winter season has exasperated numerous individual line
expenses, causing several associations to reconsider upcoming projects, and start
to reduce planned projects. So how can associations avoid the need to scale back
and reconsider prearranged expenses?
With the help of qualified association managers, boards of trustees are assisted with the tools necessary to
overcome various potential shortfalls in budgetary needs. When increases in the monthly condominium fees are
required, a board should strongly consider the advice of the manager and increase the monthly fees instead of
attempting to reduce expenses, which tends to generally be the immediate reaction. Future budget projections
to reduce necessary expenses such as utility costs, regularly scheduled maintenance items, or reducing contributions to the reserve account to provide superficial relief on association budgets is short-sighted and will most
likely result in a supplemental fee at year end. Although raising monthly fees is hardly welcome news for unit
owners, being fiscally solvent is a board's fiduciary obligation.
Inside this month's Condo Media are articles written by seasoned professionals who have been involved in
various stages of financial planning for condominium communities. Their insight is designed to spark communication between the board of trustees, their management companies, and/or their accounting firms. Enjoy!

Sincerely,

Peter C. Westhaver, CMCA, AMS, PCAM
2018 CAI-NE Chapter President

2

CONDOMEDIA July 2018



http://www.caine.org

Condo Media - July 2018

Table of Contents for the Digital Edition of Condo Media - July 2018

Contents
Condo Media - July 2018 - Cover1
Condo Media - July 2018 - Cover2
Condo Media - July 2018 - Contents
Condo Media - July 2018 - 2
Condo Media - July 2018 - 3
Condo Media - July 2018 - 4
Condo Media - July 2018 - 5
Condo Media - July 2018 - 6
Condo Media - July 2018 - 7
Condo Media - July 2018 - 8
Condo Media - July 2018 - 9
Condo Media - July 2018 - 10
Condo Media - July 2018 - 11
Condo Media - July 2018 - 12
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Condo Media - July 2018 - 14
Condo Media - July 2018 - 15
Condo Media - July 2018 - 16
Condo Media - July 2018 - 17
Condo Media - July 2018 - 18
Condo Media - July 2018 - 19
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Condo Media - July 2018 - 21
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Condo Media - July 2018 - 24
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Condo Media - July 2018 - 26
Condo Media - July 2018 - 27
Condo Media - July 2018 - 28
Condo Media - July 2018 - 29
Condo Media - July 2018 - 30
Condo Media - July 2018 - 31
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Condo Media - July 2018 - 42
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Condo Media - July 2018 - 71
Condo Media - July 2018 - 72
Condo Media - July 2018 - Cover3
Condo Media - July 2018 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202307
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201912
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911_v2
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201909
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201905
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201903
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201902
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201901
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201812
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201811
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201810
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201809
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201808
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201807
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201806
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201801
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201712
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201711
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201710
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201709
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201708
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201707
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201706
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201705
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201704
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201703
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201702
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201701
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201612
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201611
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201610
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201609
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201608
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201607
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201606
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201605
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201604
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201602
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201601
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201512
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201511
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201510
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201509
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201508
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201503
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201502
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201501
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201412
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201411
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201410
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201409
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201408
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201407
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201309
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201308
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201303
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