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TaylorMgt.comThe Service You Deserve
Taylor Management Company has been
managing community associations for
decades. We have been recognized
by the Community Associations Institute (CAI) as an Accredited Association Management
Company (AAMC) and by the Institute of Real Estate Management (IREM) as an Accredited
Management Organization (AMO). These designations are accorded for the highest level
of ethics and professional management in the industry.
Leaders in Professional Community
Management for Decades!
80 South Jefferson Road, 2nd Floor, Whippany, NJ | Tel. 973.267.9000
100 Franklin Square Drive, Suite 203, Somerset, NJ, NJ | 732.764.1001
42-2 Harmon Cove Towers, Secaucus, NJ | 201.325.8500
WE CLEAN
DRYER VENTS
Group Discounts Available
CALL TODAY
800-234-4656
Government Report: “Clothes Dryer
Fires in Residential Buildings.”
Required reading for board
members and property managers.
CALL TODAY FOR
YOUR FREE COPY.
NADCA Certified
both current and future homeowners,
which is everyone’s responsibility.
3. Budgeting is largely
analyzing historical data
and current contracts!
When preparing your budget annu-
ally, prior performance and current
contracts are a majority of the bud-
get puzzle. Whether it is trying to
gauge the ever illusive snow budget
six months in advance of snow sea-
son or determining insurance renewal
premiums, using historical data to
observe trends along with operational
data (recent insurance losses, as an
example) can help provide insight
into future costs. Even if you have an
extreme year for an expense, looking
at a multi-year average and adjusting
for extremes can be a reliable method
for planning non-contracted expenses.
Using an updated reserve study helps
normalize reserve contributions year
after year, which also helps make
budgeting easier.
4. Always budget expenses
before income!
It is important that you go into the
budgeting process with an objective
eye. Analyzing expenses, review-
ing historical trends and entering
contract data first will allow you to
see the association’s realistic bud-
get. Nobody wants to pay more,
but to keep an association finan-
cially healthy, it must have sufficient
income to meet ALL of its expenses.
By budgeting expenses first, you
can get a real idea of what income
MANAGER’S
PERSPECTIVE...
from page 36.