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“SEE YOUR


“SEE YOUR FUTURE,FUTURE, BE YOUR


BE YOUR FUTURE,FUTURE, MAKE YOUR


MAKE YOUR FUTURE”FUTURE”


By Michael Cukierski, MSA & Steven Yates, CPA, Cukierski & Cochrane, LLC


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The association’s budget            


Formulating a Budget


Successful budgets result from an understanding of the association’s past as well as the ability to see the future of the association. The process may begin by determining the annual cash requirements of the replacement fund. A reserve study can be utilized to determine the proper


24 | COMMON INTEREST®


funding of the replacement fund. A typical reserve study will detail the components the association is obligated to replace as well as a plan to fund these replacement expenses.


The next component for formulating a budget is to determine what operating expenses must be incurred.


• Spring 2020 • A Publication of CAI-Illinois Chapter


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