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NH - Preparing for an Association’s Financial Future
Associations are fortunate organizations in a variety of respects, including sense of community, strength in numbers, favorable law and, typically, economies of scale related to property maintenance expenses. Associations are fortunate in the financial realm as well, in that they have multiple options for managing their financial needs.
For those associations that wish to look ahead, invest in a plan and stick to it, there is the “reserve study” method of financial management. Here, an engineer’s report on the physical status of your property and the timing and expenses associated with major repairs/replacements results in a component of the annual budget geared towards amassing funds for future needs. This type of planning results in the association having the funds it needs when it needs them (absent unforeseen difficulties).