CAI-NJ May 2019 (w)

FINANCIAL STATEMENTS... from page 23.

on a particular line item in the associ- ation’s operating budget. Reviewing the monthly income statement for sig- nificant variances can pinpoint on a more timely basis instances such as this where an expense reclassification may be needed so that the expense is included in the appropriate fund.

When examples of these reclassi- fications occur, be sure to transfer the funds from the proper fund cash account promptly in order to avoid interfund balances. The interim monthly financial state- ments are a great tool to help support the management of the community from a fiscal standpoint if utilized properly. Understanding what items to look for and being able to decipher what they represent can be extremely advantageous in assisting boards and property managers to more effectively serve their community associations. n Your requests are welcome...

is originally included as an annual operating expense. This expense appears to be one belonging to the deferred maintenance fund, however is currently causing a negative impact

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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.

Readers of CommunityTrends ® can ask the Editorial Committee of the magazine for their feedback about any issue facing the community association industry. The committee is made up of legal, insurance, engineering and property management professionals with a wealth of information and experience specific to community associations.

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Email Jackie Oskierko at jaclyn@cainj.org

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