DebR (Washington)
Posts: 3
Posts: 3
Posted:
Does anyone post their annual budget on their website? If not, why not? What can anyone do with it if they do look?
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Budgets on the website
Started by DebR • 8 replies • 1182 views
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KerryL1 (California)
Posts: 14,550
Posts: 14,550
Posted:
In CA, we're required to send the budget (and MANY other materials) to all Owners. If OK with them, it goes to them electronically. That's probably why it's not on our open or protected website
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
Our annual budget is sent to each member annually.
The budget is also part of the treasurers report that is attached to the minutes.
Our minutes are available on the website but password protected for members eyes only.
I have seen some websites that provide the budget openly on their website.
There is nothing wrong with that, but I prefer that Association finances stay within the membership, just as personal financial information is typically kept within the family.
The budget is also part of the treasurers report that is attached to the minutes.
Our minutes are available on the website but password protected for members eyes only.
I have seen some websites that provide the budget openly on their website.
There is nothing wrong with that, but I prefer that Association finances stay within the membership, just as personal financial information is typically kept within the family.
LarryB13 (Arizona)
Posts: 4,099
Posts: 4,099
Posted:
Quote:
Posted By TimB4 on 01/26/2017 6:19 PM
There is nothing wrong with that, but I prefer that Association finances stay within the membership, just as personal financial information is typically kept within the family.
There is nothing wrong with that, but I prefer that Association finances stay within the membership, just as personal financial information is typically kept within the family.
Thanks, Tim. Buffalo Springfield is now playing on my mental jukebox.... "Paranoia strikes deep. Into your life it will creep. . . ."
Who really gives a damn about an HOA's budget? What sinister results would there be if a stranger finds out how much you budgeted for paper clips?
SheliaH (Indiana)
Posts: 6,964
Posts: 6,964
Posted:
A summary of our budget is on the website and homeowners also receive a detailed copy with the upcoming year's payment coupons every December.
Just seeing the annual budget shouldn't cause any problems - in order for it to be of major use, you'd have to compare it to previous years to identify trends. You'd also need to know more about the reserves (does the association even have one? What's the current balance? Has a reserve study been done, what did that occur, etc.)
Some communities provide a monthly income/expense summary on their websites, although it probably would be better to put that information in an area only accessible to homeowners.
Just seeing the annual budget shouldn't cause any problems - in order for it to be of major use, you'd have to compare it to previous years to identify trends. You'd also need to know more about the reserves (does the association even have one? What's the current balance? Has a reserve study been done, what did that occur, etc.)
Some communities provide a monthly income/expense summary on their websites, although it probably would be better to put that information in an area only accessible to homeowners.
If it is not right do not do it; if it is not true do not say it. Marcus Aurelius
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
In SC the Corporation (association) is only required to present a Budget at the Annual Meeting. We provide a Budget Summary and Profit & Loss Statement to each owner that attends the Annual Meeting. An owner can also request a copy from our MC.
The total financial report our BOD gets monthly from the MC is some 10 or so pages long. An owner can request a copy of that but only once have we had an owner request such. It will be redacted as it will not show information on delinquencies which only the BOD gets to see.
The total financial report our BOD gets monthly from the MC is some 10 or so pages long. An owner can request a copy of that but only once have we had an owner request such. It will be redacted as it will not show information on delinquencies which only the BOD gets to see.
ChrisP5 (Missouri)
Posts: 165
Posts: 165
Posted:
We post our budget to actual comparison along with the monthly board meeting minutes to the website each month. We don't routinely post our balance sheet as it lists financial institution names but it is available to members upon request. We do post the annual auditors report along with their audited balance sheet to the website. Additionally we post highlights of our most current reserve study.
AugustinD
Posts: 5,144
Posts: 5,144
Posted:
I wanted to do a small study of condominium management payrolls recently and sought the annual budgets from a few of the condominiums in my area that are comparable in services. Except for one condominium, I was turned away. I think one reason is that HOA managers do not want to be pitted against each other in bidding competitions.
The one condominium from which I obtained the annual budget had posted it at its public web site.
If members have to log into a HOA's web site, then posting the annual budget there might be best, for the sake of transparency and people understanding how their HOA operates.
The one condominium from which I obtained the annual budget had posted it at its public web site.
If members have to log into a HOA's web site, then posting the annual budget there might be best, for the sake of transparency and people understanding how their HOA operates.
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