Community Association Matters

    It’s that time of year again!  Yes budget season.  It’s time to begin reviewing the financial reports and begin calculating costs for next year’s projects.  Condominium and homeowner associations are governed by many regulations; budget reporting is one of them.  It is important that the Board of Directors of your condominium or homeowner association understand the various elements that make up your community’s budget.  To get an expert’s point of view, in this week’s podcast of Community Association Matters, we invited Pierre Vilme, CPA of Gerstle, Rosen, & Goldenberg, PA.    Lets start with the basics.  Budgets should be prepared by someone familiar with financial reporting.  To ensure that your budget is based on actual figures you should start by pulling the most current financial report.  Pierre recommends that associations review their August or September financial report, which will give them 8 to 9 months worth of financial information.  Budgets must be prepared annually and before the end