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Should a management company be making a budget for a condo association?
Wiki User
∙ 8y ago
It's a sad day for any association when its board, either the finance committee or the treasurer, fails to be involved enough to prepare the association's budget.
The management company does not live in the community, is not invested in the community, and otherwise can only offer a generalized approximation of expected expenses.
It is possible that the management company can draft a budget, to help the board include all the line items, and recommend best practices. But the board is legally responsible for the budget.
Typically, owners who ratify a management company-prepared budget are clearly apathetic and will pay the consequences in more than financial ways.
Wiki User
∙ 8y ago
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