New Year, New Plan: Things To Look At For Your Community Association This Year

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New Year, New Plan: Things To Look At For Your Community Association This Year

Welcome to 2018! Does your Association have a plan for the new year?  As you start to take down the holiday decorations, now is a great time to sketch out your community association’s plan for this year.  Here are a few things to think about adding to your schedule…..

(1) Do you have a full Board of Directors?  If you are not on the board, consider running for the board or volunteering for a committee.  Or at the least, spend some time in appreciation of the folks who have chosen to serve on the Board of Directors or on a committee.  Governing a community association can sometimes be a thankless job.  Perhaps this year is the year that you can offer your thanks to the neighbors who have taken on that role.

(2)  Do you have a budget for the year?  You should know by now your final numbers for 2017; use those actual numbers to set forth a budget for this year.  Are you in the red? Consider a special assessment.  (Keep in mind that a special assessment probably requires a special meeting; contact our office if you need help making this happen!)

(3)  When is your Annual Meeting?  Your association should have at least one annual meeting regularly, and ideally a board meeting as well each month.  Do you know when these meetings are?  Is there a community calendar or website where you can post this information?  The more time you can give folks to prepare, the more likely you are to increase attendance!  Can you schedule a community social event at the same time?  Potluck get-togethers can help to drum up attendance at what most people may consider a droll association meeting.

(4)  Does your association need any new policies?  Times, they are a changin’; is your association struggling with any new issues in the past year?  Perhaps your parking policy or collections policy could use an update!  Now is the time to do some strategic thinking to ward off problems in 2018.

(5) How long ago was your most recent reserve study?  Are you fully funded with reserves?  Associations are required to have a reserve study done at least every five (5) years.  Are you due for a new one?  If you have a current reserve study, do you know what it says?  Now might be a good time to reflect on whether your reserves are sufficiently funded, and what large-scale projects your association might require this year.

January is a great time for personal resolutions, and it is also a great time for planning for your community association’s future.  Great improvements to your neighborhood begin with a great plan!  If you need help with anything for your community association this year, feel free to call us at: (703) 583-6060 or email Heather Steele at hrs@comptonduling.com or Lauren Lucian at lel@comptonduling.com.  Happy New Community Association Year!