THE ELEMENT TIN, ABBREVIATED AS Sn ON THE PERIODIC TABLE, is a soft malleable metal used since ancient times. 





   


For the purpose of this article, “financial management” means all aspects of handling an association’s finances, including, but not limited to, opening bank accounts, filing tax returns, adopting budgets, collecting assessments, obtaining financing for capital projects, and employee payroll. Financial management of an association likely consumes a good portion, if not a majority, of the board or manager’s time. At the heart of financial management is assessments. I do not believe we can ever over-emphasize the importance of assessments to an association’s financial wellbeing.


Being at the helm of an association bobbing in the vast sea of administration and operation, including financial management, can be overwhelming. However, a board need not set sail without the proper tools. Engaging knowledgeable professionals will provide the board with the guiding compass it needs to ensure the association stays on course toward healthy and successful financial management.


Budgeting is the foundation of good financial management. A thoughtful and well-planned budget will ensure that the association has sufficient funds to meet its obligations, even when the unexpected may arise. For example, adequate funding of the reserves may mean that funds are available to repair or a replace a roof when it fails sooner than expected. A good budget will also help maintain necessary cash flow to meet monthly obligations, even when an owner or two have not paid their assessments.


| 


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