WHAT AM I PAYING FOR?
No one likes a bill, but everyone likes a beautiful place to live… and your HOA dues help create just that.
Most community assessments and dues cover some or all of the cost of things like: maintenance, insurance policies (for vendors, buildings etc), utilities, reserve funds (for the big upcoming stuff), professional management fees and much more.
YOU CAN VIEW THE HOA BUDGET AT ANYTIME
You can access your community’s financials via AppFolio anytime.
And, every year before the Annual Meeting you should receive a copy of the proposed budget for the following year. This is also one of the reasons why it’s super important to participate in your community’s Annual Meeting.
The Board will send a financial summary in advance of the Annual Meeting, and, if it’s ready, a proposed agenda for the meeting. This is your opportunity to learn more about the Board’s business including finances and any proposed increases in dues.
WHY WOULD DUES INCREASE?
The first thing to know is that your Board works hard to balance the budget and have a reserve.
CSI also works hard to guide the Board to think about potential upcoming costs and changes such as large-scale assessments like updates to pools, common areas, or water features.
We also help review new and existing vendor contracts such as landscaping – for many reasons even existing contract pricing may change during the course of budget planning – and your Community Manager supports your HOA during the negotiations and renewals.
Budgeting is hard, and one of the biggest reasons for that when it comes to planning a HOA budget is inflation – and changes in costs after a budget is approved.
Examples of potential increases that may change after your community’s budget has been approved include utilities – these often don’t come out until the first few months of each calendar year, gas prices, and insurance increases.
Some Boards proactively determine a 2-3% annual increase to allow for more flexibility and a buffer – adjusting the HOA budget to account for inflation and increased costs for vendors and services may help a community to avoid going into a budget deficit.
HOW TO PAY YOUR DUES
CSI typically sends statements annually, but your community may bill differently: monthly, quarterly, annually etc. Log in here for your payment information.