This was the second of a three-part educational program for Reston Association. In this session we covered the three financial phases. Primary focus was on best practices in building a budget, how to read and use financial statements to make good business decisions, and understanding how the three phases worked together,
Advanced Homeowner Education: Financials - Reston Association 4-6-13
1. Advanced Homeowner Education:
FINANCIALS
a presentation for
Reston Association
April 6, 2013
THOMAS L. WILLIS, PCAM®,
VICE PRESIDENT, ZALCO REALTY, INC.
ASSOCIATION BRIDGE, LLC
3. No – it’s not
just an
administrative
task – it’s the
beginning of
everything.
And it’s right
smack dab in
the middle of
everything, What is the goal of the budget
too! process?
8. Budget Features
Contract escalations
(do you have to care about Obamacare?)
Utility rates & usage
Reserve funding & capital projects
CIC
Education - CAI
Audit
Options for budgeting for contingencies
Capital expenses?
9. Budget
NO FEE TARGETING
Strategies
The “Kitchen Sink” Draft
Doing it the Never Assume – Lessons from
right way
RCG
Bad Debt
Meeting Increased reserve funding
expectations
Special assessments
Fee increases
Communi-
cating tough Making it real – per unit per
news month
10. It’s not just a
bunch of
numbers on a
page
Why are association financials
important?
15. To sum up…
Do you see how the 3 phases flow together?
Can you speak the language?
What are your challenges?
Can you help other RA communities by sharing your
war stories, your strategies, your successes?
16. THANK YOU
for your service to your community!
Thomas L. Willis, PCAM®
associationbridge@gmail.com
twillis@zalco.com
Facebook: http://on.fb.me/ABLLC
Twitter: @ideaguypcam
Linkedin: http://linkd.in/twpcam
Tomasuarus Rex Blog: http://thomaslwillis.blogspot.com/