expiration dates and prices for each contract. It’s important to monitor that log so contracts don’t automatically renew. If they do automatically renew, there is the possibility of not receiving the best price possible. Also keep in mind that you don’t have to wait to renegotiate a contract. For example, let’s say your association has a uniform agreement and there is a year left on the contract. It is quite possible to renegotiate the contract for another set number of years, set a negotiated price, get new uniforms, and not incur any additional fees. Apply the same principle to other service contracts and the association has now saved a lot of money.


When looking at the budget or financial plan for upcoming years, it’s also important to look at revenue to offset expenses. Often people want to look at the best methods to cut expenses but forget the revenue side. Think about adding vending machines, leasing space in the building to a dry cleaner or other business, renting out rooftop space for cell phone antennas, or other alternative methods to bring in revenue. Of course an association will want to consult with their attorney and CPA before implementing these methods but if successful, this additional revenue will help curb assessment increases.


Of all of the recommendations mentioned so far, the most impactful on a budget is the necessity to be diligent with preventative maintenance. One of the biggest mistakes a property can make is to defer maintenance. In doing so, not only will the repairs cost more in the long run, but there could be other financial consequences as a result. If money is lacking in the short-term, an association can look to their experts to provide information on loans and special assessments to raise the funds.


While boards should listen to their experts, the same should apply to those giving the advice. Management should also listen to their boards because, after all, this isn’t like any other business, it is someone’s home. Boards and management work best when they work together as a team. A good working relationship will not only be enjoyable but it will move agendas along and allow for strategies to be formed to tackle any budget woes that an association could face, resulting in a bottom line that is a healthy shade of black.


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A Publication of CAI-Illinois Cha


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