January 01, 2017
Partner Steven Silberman wrote about planning for excess budgeted income in the winter issue of Common Interest, the publication of the Community Associations Institute’s Illinois chapter.
By Steve Silberman, Partner, Tax & Business
Reserve funding is one of the most overlooked areas in association budget. If an association has excess funds when preparing the annual budget, it must look to see if it has properly budgeted for reserves. Every association should be budgeting for reserves based on a reserve study. All associations should have a reserve study prepared every three to five years.