Community Property Management Blog

Self Management: Saving Money Part 1

The topic of this article is one near and dear to every board member’s heart. It is about saving money. 

Before proceeding, I thank you for the many kind words in your emails and I value and appreciate your thoughts and comments. My company, Vanguard Management Group, manages well over one hundred associations. We offer board certification training, a mandatory requirement of the Department of Business Regulation in the State of Florida. In that we do not charge for it, hundreds of board members and volunteers of both managed and self-managed associations register for it. Like you, their primary concern is having funds sufficient to meet the demands of day-to-day expenses  as well as having the long-term financial resources to und their reserves. Therefore, in that saving money is of vital concern to boards everywhere, I wrote this article. Because of your suggestions and the concerns of boards everywhere, this article addresses saving money.

billionphotos-1905103The desire to save is innate and biological. In days of old, we put up veggies for the winter, squirls hide acorns, and bears store fat for winter. Furthermore, frugality is a logical mindset of board members based upon the following factors. Board members are usually older and more conservative. With the advance of age, people tend to think of their future in light of waning income as they near retirement. Add to this the downturn in our economy. Recessionary symptoms appeared in 2006 and continue through today. This has added an additional financial strain to many associations by way of delinquencies and foreclosures. Sadly, most of us know someone who is unemployed. In addition, many of us cannot but help to worry about our own livelihood. With these factors in mind, it follows that boards’ primary concern is saving money.

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