Transparency
Financial information – budget analysis
Welcome to the Elm Corner Condominium Association financial information page. Below you will find the most up-to-date budget set by the board of directors. Transparency on finances is one of the highest-value things our association puts on its website.
Current budget
Core financial documents (highest priority)
- Annual budget
- The current fiscal year's approved operating budget, broken into categories: insurance, maintenance, utilities, management fees, reserves, and more.
- Reserve study / reserve fund status
- How much is in reserves, the funding percentage, and the schedule for major repairs such as roofs and paving. Often legally required and one of the first things buyers' lenders or attorneys ask for.
- Most recent audited or reviewed financial statements
- Balance sheet, income statement, and cash flow, ideally prepared by a CPA.
- Monthly or quarterly financial reports
- Actual vs. budget, so owners can track variances throughout the year.
Assessment & fee information
- Current assessment/HOA fee schedule
- Amount per unit, due dates, and late fee policy.
- Special assessment history and pending proposals
- Critical for transparency, especially given increased scrutiny in recent years.
- Delinquency policy
- How unpaid dues are handled — the process, not the individual accounts.
Governance & legal-adjacent documents
- Annual meeting minutes
- Especially the financial portions of each record.
- Insurance summary
- Master policy coverage types and amounts, so owners know what is covered versus what belongs on their own HO-6 policy.
- Management contract summary
- Fee structure, if professionally managed.
- By-laws relevant to financial obligations
- Assessment authority and special assessment voting thresholds.
Increasingly expected of condominiums
- Structural integrity reserve study or milestone inspection
- Where state law requires them.
- Litigation disclosure
- Any pending matters that could affect association finances.