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Condominium Finances: Budgets and Reserve Schedules, Online Training Format

SKU: 348
$9.50

*Includes Applicable 2016 Legislative Updates

Condominium Finances: Budgets and Reserve SchedulesManaging condominium finances entails much more than merely collecting assessments and reconciling the association’s checkbook. In fact, even veteran association board members need guidance in complying with the many statutory regulations and association rules covering the development of a budget and the establishment of reserve funds. Newcomers to the board and individuals serving on budget committees for the first time may lack the knowledge required to follow the law and fulfill their fiduciary duties. And unit owners themselves have every reason to want to be informed about whether the assessments they pay are being allocated and spent appropriately.This course instructs all those who participate in the budget-making process how to craft an association budget, maintain proper accounting records, and create budget and reserve schedules that can help secure the financial solvency of the association and fulfill the association’s financial reporting obligations. In accessible language, the course explains the rules that regulate association finances and the correct procedures for adhering to them (Discounts are available for Condominium Boards or Property Management Companies by calling us at 1-800-521-9667).

TARGET AUDIENCE
Condominium association board members, unit owners, and members of association budget committees

TIME TO COMPLETE
90 minutes

PURPOSE
To instruct condominium association board members, unit owners, and budget committee members in the procedures for preparing an association’s budget and reserve schedule.

LEARNING OBJECTIVES
After completing this course, the learner will be able to:

  • describe the purposes and processes of an association budget and reserve schedule;
  • instruct association members and unit owners in the procedures for maintaining proper accounting records;
  • craft a budget, avoiding the usual pitfalls that accompany the process;
  • adhere to statutory requirements when creating the condominium association’s budget and reserve schedules; and
  • specify the association’s duties with respect to condominium finances after the developer has ceded control of the association to unit owners.



If you're not completely satisfied with the quality of our courses, we will refund your money - guaranteed. Click here for detailsTOPICS COVERED

  1. Developing and Adopting a Condominium Association Budget
  2. Planning and Conducting Meetings to Discuss the Budget
  3. Keeping Proper Accounting Records
  4. Maintaining Operating and Reserve Accounts
  5. Computing Regular and Special Assessments
  6. Establishing and Funding Capital Expenditure and Deferred Maintenance Reserves
  7. Waiving or Reducing Reserves
  8. Managing a Budget Surplus
  9. Creating a Reserve Schedule Using Either the Segregated or Pooled Methods
  10. Administering an Operating Budget
  11. Using Cash and Accrual Accounting Systems
  12. Compiling Financial Statements



FLORIDA REGULATORY COUNCIL OF COMMUNITY ASSOCIATION MANAGERS
This course (approval number: 9626050) has been approved for 1.00 hour of continuing education credit in the areas of IFM or ELECTIVES (DISTANCE) by the Regulatory Council of Community Association Managers of the Florida Department of Business and Professional Regulation. For more information about continuing education for Community Association Managers, visit the Council's homepage at www.myfloridalicense.com/dbpr/pro/cam/index.html


Condominium Finances: Budgets and Reserve Schedules

Table of Contents

  • Chapter 1: Instructions
    • THE HUMAN EQUATION, INC. - TERMS OF USE
      • Page 1, 2
  • Course Objectives
  • Chapter 2: Introduction
    • Page 3
    • Introduction
      • Page 4
  • Chapter 3: The Association Budget
    • Page 5
    • The Association Budget
      • Page 6, 7
    • Budget Meetings
      • Page 8
    • Notice of Meetings
      • Page 9
    • Notice of Meetings (Non-Budget)
      • Page 10
    • Notice of Meetings to Adopt a Budget
      • Page 11, 12
    • Additional Requirements for a Notice of a Meeting to Adopt a Budget
      • Page 13, 14
    • Accounting Records
      • Page 15
    • Providing Access to Accounting Records
      • Page 16, 17
    • Keeping Proper Accounting Records
      • Page 18
    • Outgoing Board and Committee Members
      • Page 19
    • Providing Access to Accounting Records
      • Page 20, 21, 22, 23, 24
  • Chapter 4: Creating the Budget
    • Page 25
    • Operating Section of the Budget
      • Page 26
    • Sample Line Items in an Operating Budget
      • Page 27
    • Reserve Section
      • Page 28
    • Use of Reserves for Other Purposes
      • Page 29
    • Keeping Association Funds Separate
      • Page 30, 31, 32, 33, 34
  • Chapter 5: Assessments
    • Page 35
    • Regular Assessments
      • Page 36
    • Computing Regular Assessments: Step One
      • Page 37
    • Computing Regular Assessments: Step Two
      • Page 38
    • Computing Regular Assessments: Step Three
      • Page 39
    • Formula for Computing Regular Assessments
      • Page 40
    • Exercise: Calculating a Condominium Association’s Assessment
      • Page 41
    • Answer and Explanation
      • Page 42
    • Special Assessments
      • Page 43, 44, 45, 46
    • Adoption of the Budget
      • Page 47
    • Approving a Proposed Budget
      • Page 48
    • Budget Meetings
      • Page 49
    • Notice Requirements for Budget Meetings
      • Page 50
    • Notices on the Property for Budget Meetings
      • Page 51
    • Approving the Proposed Budget
      • Page 52, 53
    • Budget Assessments Exceeding 115 Percent of the Prior Year’s Assessments
      • Page 54
    • Budget Assessments that Exceed 115 Percent of the Prior Year’s Assessments
      • Page 55
    • Fair Allocation of Common Expenses
      • Page 56
    • Sharing Expenses for Association-Owned Property
      • Page 57
    • Communication Services Expenses
      • Page 58
    • Collecting Assessments
      • Page 59, 60, 61, 62
  • Chapter 6: Reserves
    • What Are Reserves?
      • Page 63
    • The Purpose of Reserve Funds
      • Page 64
    • Reserves
      • Page 65
    • Capital Expenditure and Deferred Maintenance Reserves
      • Page 66
    • Required Reserves
      • Page 67
    • Examples of Reserves
      • Page 68, 69
    • Voting to Waive or Reduced Reserves in a Proposed Budget
      • Page 70, 71
    • Unbudgeted Expenses
      • Page 72, 73
    • Borrowing Funds
      • Page 74, 75
    • Budget Surplus
      • Page 76
    • Budget Surplus
      • Page 77, 78, 79, 80, 81, 82
  • Chapter 7: The Reserve Schedule
    • Page 83
    • Reserve Schedules
      • Page 84
    • Reserve Schedule
      • Page 85
    • Reserve Schedule: Step by Step
      • Page 86
    • Reserve Schedule Disclosures: Cost Accounting
      • Page 87, 88
    • Learning Activity: Determining a Reserve Requirement
      • Page 89, 90
    • Current Year Computations
      • Page 91
    • Pooling Reserve Schedule
      • Page 92, 93, 94
    • Pooling Reserve Schedule
      • Page 95
    • Steps for Creating a Reserve Schedule Using the Pooling Method
      • Page 96, 97, 98, 99, 100
    • Funding Requirements
      • Page 101, 102, 103
  • Chapter 8: Operating Expenses
    • Preparing the Annual Budget
      • Page 104
    • The Operating Budget
      • Page 105
    • The Association’s Accounting Methods
      • Page 106
    • Accrual Basis Versus Cash Basis
      • Page 107
    • Accrual Basis Versus Cash Basis Illustrated
      • Page 108
    • Accrual Basis Versus Cash Basis: Advantages and Disadvantages
      • Page 109
    • Estimating Operating Expenses
      • Page 110
    • Statutory Provision against Operating at a Deficit
      • Page 111
    • Using Historical Data for Estimating Costs
      • Page 112, 113
    • Operating Section Line Items
      • Page 114
    • Operating Section Line Items: Rental Payments
      • Page 115
    • Operating Section Line Items: Miscellaneous
      • Page 116
    • Uniformity of Budget Line Items
      • Page 117
    • Financial Reporting Requirements
      • Page 118
    • Reporting Requirements for Associations
      • Page 119
    • Reporting Requirements for Associations
      • Page 120, 121, 122, 123
    • Modifying Financial Reporting Requirements
      • Page 124, 125, 126, 127
  • Chapter 9: Conclusion
    • Page 128
  • Chapter 10: Time to Review
    • Page 129

Student Benefits

Students and employees who take the Condominium Finances: Budgets and Reserve Schedules course will enjoy:

 Course FeaturesIncludedComments
 
HRCI Recertification Credits
 
0.00 HRCI Recertification Credit(s).
 
SHRM PDC Credits
 
0.00 SHRM PDC Credit(s).
 
CAM Credits
 
1.00 CAM Credit(s).
 
Florida Bar CLE Recertification Credits
 
0.00 Florida Bar CLE Recertification Credit(s).
 
Florida Bar CLE Ethics Recertification Credits
 
0.00 Florida Bar CLE Ethics Recertification Credit(s).
 
State Bar of Georgia CLE Recertification Credits
 
0.00 State Bar of Georgia CLE Recertification Credit(s).
 
State Bar of Georgia CLE Ethics Recertification credits
 
0.00 State Bar of Georgia CLE Ethics Recertification credit(s).
 
FL CE 2-20 Credits
 
0.00 FL CE 2-20 Credit(s).
 
Unlimited 1 Year Access
 
The Human Equation's courses may be accessed and reviewed as many times as you wish even after completion.
 
90 Days Money Back Guarantee
 
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M-F from 8:00am to 4:30pm.
 
Table of Contents
 
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Pictures/Illustrations
 
43 pictures/illustrations.
 
Interactive Learning Activities
 
26 interactive learning activities.
 
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Case laws
 
6 case laws.
 
Definitions
 
12 definitions.
 
Questions and Answers
 
22 questions and answers.
 
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Practice Quiz
 
0 practice true or false questions and 0 practice multiple choice questions.
 
Scored Exam
 
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Printable Certificate
 
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Managers and supervisors who purchase The Human Equation's courses to train their employees will enjoy:

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Convenient User Creation and Management
 
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