|
Accounting |
| Clear and regular financial reports are essential for the board to
properly manage the association assets. Reports should be
detailed enough so that problems can be pinpointed yet simple enough for the
layman to understand. Here are various resources to assist you:
Accounting
& Database Software |
Nottacare Condominium
Sample Budget
January 1 - December 31, 2002
| ITEM | AMOUNT | TOTAL |
| REVENUE Regular Assessments Laundry Income RV Parking Fees Total Revenue |
|
$ 135,000 |
| EXPENSES Administrative Accounting-Tax Returns Board Education Insurance Legal Office Supplies Postage Property Management Reserve Study Update Total Administrative |
|
|
| Fees &
Licenses Elevator Pool Total Fees & Licenses |
|
|
| Maintenance Carpet-Cleaning Deck-Repair Electrical-Repairs Elevator-Contract Fence-Repairs Janitorial-Contract Janitorial-Supplies Landscape-Contract Landscape-Irrigation Repairs Miscellaneous Painting Pest Control Plumbing-Repairs Pool-Chemicals Pool-Contract Pool-Repairs Roof-Repairs Siding-Repair Supplies Treework Total Maintenance |
|
|
|
Utilities Electricity Gas-Pool Telephone-Elevator Water - Irrigation Water & Sewer Total Utilities |
|
|
TOTAL EXPENSES |
|
|
| RESERVE CONTRIBUTION |
$ 10,000 |
|
| TOTAL EXPENSES & RESERVES | $135,000 |
|
Budget Notes |
| REVENUE Regular Assessments Collected monthly from each owner Laundry Income Revenue from 4 washers & 4 dryers RV Parking Fees Revenue from 40 RV parking spaces EXPENSES ADMINISTRATIVE Accounting-Tax Returns CPA to prepare and file association federal return Board Education Subscriptions, seminars, memberships, videos Insurance ~Deductible: $2500 ~Hazard Insurance with Guaranteed Replacement Cost: $5,000,000 ~Directors & Officers Liability Insurance ~General Liability: $2,000,000 ~Employee Dishonesty: $25,000 ~Earthquake Insurance (subject to a 10% deductible) Legal Consult with attorney Office Supplies Copies, paper products, misc. Postage Property Management Annual Contract with XYZ Management Reserve Study Update Adjust study for changes interest earned, inflation and actual work performed during previous year FEES & LICENSES Elevator Due in September and payable to State Licensing Bureau Pool Due in April MAINTENANCE Carpet-Cleaning Clean clubhouse carpet in April and November Deck-Repair Replace boards, etc. Electrical-Repairs Repair common area lighting Elevator-Contract Annual contract with Up & Down Elevator Maintenance Fence-Repairs Replace posts and boards, etc. Janitorial-Contract Annual contract with White Glove Janitorial Service Janitorial-Supplies Small equipment and specialized cleaning supplies Landscape-Contract Annual contract with Mow & Blow Landscaping Landscape-Irrigation Repairs Repair broken pipes and missing heads Miscellaneous Items that don't fit in other categories Painting Touch up trim, siding, decks and fencing Pest Control Treat buildings for termites and carpenter ants Plumbing-Repairs Repair common area plumbing Pool-Chemicals Chlorine tablets, oxidizer, algaecide, etc. Pool-Contract Annual contract with Pools R Us Pool-Repairs Fix handrails, loose tiles Roof-Repairs Repair missing shingles, bad flashing, lifted seams Siding-Repair Replace bad siding, recaulk Supplies Fasteners, boards, caulk and other misc. Treework Remove dangerous limbs or cut limbs away from structures. UTILITIES Electricity For common area, clubhouse and pool Gas-Pool For pool heater Telephone-Elevator Emergency phone required by state. Water-Irrigation For watering common area Water & Sewer For clubhouse and units RESERVE CONTRIBUTION Annual contribution based on 30 year study |
| Item | Month Actual |
Month Budget |
YTD Actual |
YTD Budget |
|
REVENUE |
$ 9,900 250 200 $10,350 |
$ 10,833 208 167 $11,208 |
$53,200 1,250 1,150 $55,600 |
$ 54,167 1,041 833 $56,041 |
|
EXPENSES |
$ 0 100 417 200 100 75 1,000 $ 1,892 |
$ 42 83 417 167 125 83 1,000 $ 1,917 |
$ 0 500 1,800 700 525 550 5000 $ 9,075 |
$ 208 417 2,083 833 625 417 5,000 $ 9,583 |
|
FEES & LICENSES |
$ 0 0 $ 0 |
|
|
|
|
MAINTENANCE |
$ 100 250 300 417 100 833 125 1500 0 25 150 200 150 35 500 0 225 175 268 0 $ 5,350 |
$ 83 167 208 417 167 833 167 1500 42 167 167 250 208 125 500 167 333 208 167 42 $ 5,917 |
$ 500 850 1,.200 1,400 775 4,167 750 7,500 150 1,000 1,133 1,750 975 825 2,500 750 2,200 684 552 200 $29,861 |
$ 417 833 1,042 2,083 833 4,167 833 7,500 208 833 833 1,250 1,042 625 2,500 833 1,667 1,042 833 208 $29,583 |
|
UTILITIES |
$ 825 250 42 200 1,100 $ 2,417 |
|
$ 5,000 950 195 625 5,800 $12,570 |
$ 4,167 1,042 208 625 6,250 $12,292 |
|
Total Expenses |
$ 9,659 |
$ 9,626 |
$51,506 | $51,874 |
| $ 833 |
$ 833 |
$ 4,165 | $ 4,165 | |
|
Total Expenses & Reserves |
$10,492 |
$10,459 |
$55,671 | $56,039 |
| Net Gain or (Loss) | ($ 142) |
$ 749 |
($ 71) | $ 2 |
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