TAX SEASON AND AUDIT SEASON IS OVER, WHAT'S NEXT?
By
Rafael Aquino
Published April 17, 2019
Each year that goes by, time speeds up and without a keen eye on our
goals they can turn into nothing but ink on paper. It’s essential
for Managers and Boards to sit down, after each quarter is over, to
check in and know where things are with their association. While
there are a significant amount of items that must be reviewed below,
I’ve placed a couple you should consider.
1. Check in on your 2019 Association Objectives (Goals)
– Are the projects for the year on track? Are your routine
maintenance items completed for the quarter and scheduled for the
following quarter?
2. Review your Year to Date (YTD)
Financials: 01/01/2019 - 03/31/2019
2.a Review Income & Expense:
As a board, you want to make sure you are in line with the proposed
budget for the year. Have you had an over expenditure, if so, why
did you have it? How will you compensate for the rest of the year
for this overage?
2.b Review your Accounts Receivable Report:
Is everyone paying on time? Are delinquent owners being sent the
necessary notices or forwarded to the attorney for collections?As we
all know either a slow down or recession is looming, as such keeping
an extra close eye on our association’s receivables is necessary.
2.c Reserve Studies:
We are still months away from budget season however if you don’t
have a reserve study, NOW is the time to order one to have it in
time for your budget season. So those proactive associations
that have one, GREAT JOB!
3. Hurricane Preparations
– The season is approaching, now is the time to begin scheduling
your hurricane plan review, speaking with your staff and start
scheduling you simulation dates.
I’m curious, what steps does your association take after each
quarter?
