Budgeting Basics, Financial Controls & Legislative Requirements

Description

Budgeting is one of the primary responsibilities of boards of directors and management companies. Without a proper budget, financial statements are less meaningful. Without proper financial controls, the board, manager, and ownership can be at risk. We will discuss legal requirements, budget preparation, and 10 pitfalls to avoid.

WUCIOA: Did you know that there is an Act that went into effect July 1, 2018? The Washington Uniform Common Interest Ownership Act (WUCIOA). Although many sections of the Act apply to new communities, Section 326 “Adoption of Budgets – Assessments and Special Assessments” applies to ALL communities.

The section addresses the budget and ratification process, the contents and disclosures included in the budget, including a statement about whether the association has a reserve study that meets the requirements of Section 331 (Reserve studies), and special assessment ratification process. You will also learn about: • Accounting methods, budgeting models and requirements. • Budget components, steps to developing an accurate operating budget. • How to incorporate the reserve study into the budgeting process. • Looking at cash flow and retained earnings to measure the financial health of the association. • Approval process and disclosure requirements. • Steps for meaningful financial controls, and the basics of audits and the auditing process. This budget class is in its 17th year and is one of CAI’s most popular classes. Be ready for an interactive session, with plenty of opportunity to ask questions and discuss budgeting and financial issues facing your community.

Presented by: • Heather Hutchison, CMCA, AMS PCAM, General Manager – First Hill Plaza • Jeremy Newman, CPA, Newman Certified Public Accountant, PC • Jim Talaga, RS, Association Reserves Washington, LLC

HOW TO ACCESS VIDEO: 

1. PURCHASE WEBINAR 
2. YOU WILL RECIEVE AN ORDER EMAIL. 
3. INSIDE THE EMIAL YOU WILL SEE A LINK AND A PASSWORD. 
4. CLICK THE LINK. 
5. ENTER PASSOWRD ON VIMEO WEBISTE. 
6. YOU WILL HAVE 48 HOURS TO WATCH THE WEBINAR.