First-time service on a community or HOA board can be rewarding, but also daunting—and many new board members are especially anxious about their financial responsibilities. While it is not any one board member’s job to assume complete responsibility over all community finances, it does fall to all board members to participate in the association’s financial planning, budgeting, and strategizing. In a new statement to the press, Kuester Management Group reveals some of the best financial practices for HOA board members—focusing specifically on those who are new to board service.
“If you are new to service on the HOA board, your first priority should be developing a better understanding of the association’s finances,” comments Bryan Kuester, President of Kuester Management Group. “This means sitting down with a more seasoned board member and reviewing financial documents, including the annual budget and the most recent reserve study. Educate yourself further by reaching out to the property management company for some training.”
Kuester also emphasizes the importance of thinking long term. “Your association should have a basic financial plan in place for the coming year, and even beyond that,” he remarks. “At your meetings, you should devote some time to strategizing and budgeting, and also to reviewing the finances on a month-to-month basis.”
At most meetings of the HOA board, financial decisions will be made—and Kuester says it is critical for these decisions to be documented. “Your meeting minutes should include documentation of all financial decisions that are made, which will help avoid any potential accusations of negligence, should anything go seriously wrong in the future,” he says. “The board should make it clear that it’s doing everything possible to be mindful of the association’s finances.”
Finally, Kuester advocates for smart shopping. “As you consider any major repair or capital improvement project, take multiple bids and consider a variety of vendors, making sure you get the best value,” he recommends.
Kuester Management Group provides association management services to communities throughout North and South Carolina. More information can be found at www.kuester.com.
ABOUT:
Kuester Management Group, a division of Kuester Companies, works to protect property values and enhance the quality of life in each of its managed communities. Providing a full range of association management services, Kuester Management Group has worked to foster strong, resilient, and unified communities across North and South Carolina. The company’s many services include back-office and administrative functions, horticulture, accounting, legal services, emergency response and repair services, and beyond. The company is proud to offer on-site property managers, all zealous for building strong communities meant to stand the test of time. More information is available at www.kuester.com.
Company Name: Kuester Management Group
Contact Person: Bryan Kuester
Email:Send Email
Phone: 704-973-9019
Country: United States
Website: www.kuester.com
Source: www.abnewswire.com
