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Advanced Homeowner Education: Financials - Reston Association 4-6-13
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Advanced Homeowner Education: Financials - Reston Association 4-6-13

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This was the second of a three-part educational program for Reston Association. In this session we covered the three financial phases. Primary focus was on best practices in building a budget, how …

This was the second of a three-part educational program for Reston Association. In this session we covered the three financial phases. Primary focus was on best practices in building a budget, how to read and use financial statements to make good business decisions, and understanding how the three phases worked together,

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  • 1. Advanced Homeowner Education: FINANCIALS a presentation for Reston Association April 6, 2013 THOMAS L. WILLIS, PCAM®, VICE PRESIDENT, ZALCO REALTY, INC. ASSOCIATION BRIDGE, LLC
  • 2. Putting the“u” infiduciaryTHE THREEFINANCIALPHASES:1. Planning2. Operations3. Review Why is this important to me?
  • 3. No – it’s notjust anadministrativetask – it’s thebeginning ofeverything.And it’s rightsmack dab inthe middle ofeverything, What is the goal of the budgettoo! process?
  • 4. Budget MethodsTrend Zero-Based
  • 5. Budget Preparation  When?  Who?  What?
  • 6. Can a one-columnspread sheetget you whereyou need togo? Budget Features
  • 7. Budget Features Spreadsheet columns Narrative (really important) Reserve cash flow table Utility logs Fee schedule
  • 8. Budget Features Contract escalations (do you have to care about Obamacare?) Utility rates & usage Reserve funding & capital projects CIC Education - CAI Audit Options for budgeting for contingencies Capital expenses?
  • 9. Budget  NO FEE TARGETINGStrategies  The “Kitchen Sink” DraftDoing it the  Never Assume – Lessons fromright way RCG  Bad DebtMeeting  Increased reserve fundingexpectations  Special assessments  Fee increasesCommuni-cating tough  Making it real – per unit pernews month
  • 10. It’s not just abunch ofnumbers on apage Why are association financials important?
  • 11. AccountingMethodsWhat are thenumbers tellingyou?What should Ibe looking for? Financial Statements
  • 12. Who’s Watching the Store?Practical Steps to Protect Your Assets
  • 13. Can youafford not to? Review stage? For what?
  • 14. Three Levels of Review  Compilation  Review  Audit
  • 15. To sum up… Do you see how the 3 phases flow together? Can you speak the language? What are your challenges?Can you help other RA communities by sharing your war stories, your strategies, your successes?
  • 16. THANK YOU for your service to your community! Thomas L. Willis, PCAM® associationbridge@gmail.com twillis@zalco.com Facebook: http://on.fb.me/ABLLC Twitter: @ideaguypcam Linkedin: http://linkd.in/twpcamTomasuarus Rex Blog: http://thomaslwillis.blogspot.com/

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