The pandemic has been challenging for HOA budget meetings. Boards require social interaction and joint decision making to be able to make their best choice for their community. Especially when you’re discussing the budget, and what changes need to be made.

Many boards haven’t met at all since COVID-19 made in-person meetings impossible. We are launching online meetings to allow you to have your budget meetings safely. But how do you make an online meeting into a successful HOA budget meeting?

Present an HOA Budget Successfully

There are two major components in having any budget approved: Involvement and Communication.

Let’s examine them separately.

Communication

Being able to talk freely and be listened to, and listening to others is key to decide your HOA’s annual budget.

Neigbrs by Vinteum Virtual Meetings

Using Neigbrs by Vinteum new online meeting tool you can set your agenda, send documents, and vote all from within the Neigbrs by Vinteum platform. We use our Zoom integration to send everyone the meeting link two hours before the meeting. You don’t have to pay for a separate Zoom account, it’s all included in our platform.

Share Information

This important information must be made available, even to those parties who do not usually get involved in budget-making. This way the board will feel comfortable knowing that it has presented the information for everyone’s review. A key step in maintaining transparency in the community.    

What documents should you share? Your documents package should include the budget, a budget analysis, a cover letter, an explanation of line items, and possibly charts/graphs. 

Remember that it’s important to give enough information to explain the budget without overwhelming your residents. 

It helps if you keep it short, less than 7 pages would be perfect. 

Be concise, honest, and to the point and make sure the document is easy to understand. 

Documents For HOA Budget Meetings

1. Cover letter: Short letter that explains the document package you’re sending, a brief statement of the budget process, and the major line items the residents might find interesting. It should state all-important fiscal information, the dates of the proposed assessments, etc. 
2. Budget: The whole budget by item.
3. Budget Analysis: The board will determine what information they’d like to see analyzed, and how. Collect the analysis in a spreadsheet and make it easy to understand and navigate.
4. Charts/Graphs: All visual aids you can use to help you prove your point and explain the budget’s items, objectives, etc.
5. Explanation of Line Items:  You’ll have to justify each item of your list, so better make sure to do it in an orderly manner. It will save you a lot of stress! Each item must have a brief explanation as well as any supportive information, This will come in handy when you’ll have to decide on any increase on a particular item.

Check that your document package contains all of the above and you’ll be a step closer to having your budget approved! 

Now we’ll talk about the other main important component in having any budget approved.

Getting Residents Involved in HOA Budget Meetings

Make sure your residents get involved in the process. Their insights can be helpful and valuable in making a decision not only regarding the budget but on the everyday running of your community. 

Having them involved will also give them the opportunity to be heard, and with time and consistency, it will help to raise the level of trust in the administration. You can make this happen by having general meetings and keeping them in the loop with emails. Using the Neigbrs by Vinteum online meeting tool you can invite the whole community to participate.

Regular HOA Meetings

When your HOA holds regular meetings, their residents can speak up their minds, and propose changes. Having an open space to communicate is key as we said.  So, make sure that everyone knows when and where the next meeting is going to take place. Now with our new feature, residents can participate from the comfort and security of their own homes! 

Another great way to get your community involved in the HOA budget is by directly asking them what they’d like to see. You could send them a survey from Neigbrs by Vinteum to get their unofficial vote. That will give you a very clear idea of their wants and needs and help you adjust your budget accordingly.    

Opening the floor to residents, you have to open yourself to suggestions, last-minute changes, and honest feedback on the needs and wants of your community. 

Conclusion to HOA Budget Meetings

Remember that keeping communication with your residents is crucial in times like these, with communication software you can keep your residents involved in the community, improving communication, and making feedback easier.

Make smart, safe, and community-wide decisions in a few clicks.