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Financial Information – Budget Analysis

Welcome to Elm Corners 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 condo association put out on its website.

1. Annual Budget – July 2026 to June 2027

Core financial documents (highest priority)

  1. Annual budget — current fiscal year’s approved operating budget, broken into categories (insurance, maintenance, utilities, management fees, reserves, etc.)
  2. Reserve study / reserve fund status — how much is in reserves, the funding percentage, and the schedule for major repairs (roof, paving, elevators, etc.). This is often legally required and is one of the first things prospective buyers’ lenders or attorneys ask for.
  3. Most recent audited or reviewed financial statements — balance sheet, income statement, and cash flow, ideally prepared by a CPA
  4. Monthly or quarterly financial reports — actual vs. budget, so owners can track variances throughout the year

Assessment & fee information

  1. Current assessment/HOA fee schedule — amount per unit, due dates, late fee policy
  2. Special assessment history and any pending/proposed special assessments — critical for transparency, especially post-2022 given increased scrutiny after Surfside
  3. Delinquency policy — how unpaid dues are handled (not necessarily who owes, but the process)

Governance & legal-adjacent documents

  1. Annual meeting minutes (financial portions especially)
  2. Insurance summary — coverage types and amounts (master policy), so owners know what’s covered vs. what they need on their own HO-6 policy
  3. Management company contract summary or fee structure, if professionally managed
  4. CC&Rs / bylaws relevant to financial obligations (assessment authority, special assessment voting thresholds)

Increasingly expected (especially condos)

  1. Structural integrity reserve study (SIRS) or milestone inspection results, if your state requires them (several states passed these laws after Surfside)
  2. Litigation disclosure — any pending lawsuits that could affect finances