Proactive Financial Management

President’s Message

By Laura Ravazza

This article first appeared in the Summer 2023 edition of The Communicator here.  

I hope this message finds you all in good health and high spirits. I want to take a moment to address an important aspect of our organization’s well-being – financial management within our homeowners associations (HOAs).

Managing the finances of an HOA requires careful planning and collaboration with our business partners. It is crucial that we work together effectively to ensure the financial stability and success of our communities. To achieve this, I encourage each of you to be proactive in your approach to financial management.

First and foremost, I urge you to not hesitate in asking questions. Whether you are a board member, a committee volunteer, or a concerned member, never be afraid to seek clarification or further information. Financial matters can be complex; and it is our duty to understand and actively participate in the decision-making process. By asking questions, we can deepen our understanding and contribute to informed decision-making.

Moreover, let us foster a collaborative conversation with our management, the board, and our business partners. We are fortunate to have dedicated professionals working with us to ensure the financial well-being of our HOAs. By engaging in open and transparent discussions, we can leverage their expertise and jointly develop effective financial planning strategies. This collaboration will empower us to make informed decisions that align with our community’s needs and goals.

Remember, financial management is not solely the responsibility of a few individuals – it is a collective effort. Each member plays a crucial role in maintaining the financial health of our HOAs. Together, we can uphold our fiduciary duty and protect the investments we have made in our homes and our community.

In this regard, I encourage you to attend our upcoming financial planning workshops and read the well-written articles enclosed. These events will provide valuable insights and guidance on various financial aspects related to our HOA. They will equip us with the knowledge and tools needed to actively participate in financial discussions and contribute meaningfully to the decision-making process.

Let us embark on this journey of proactive financial management together. By working hand-in-hand with our business partners, our management, the board, and our fellow members, we can ensure the long-term success and sustainability of our HOAs.

Thank you for your continued dedication and support. Please feel free to reach out to me or any member of your CAI Bay/Central board if you have any questions, ideas, or suggestions regarding our financial management initiatives. Your input is invaluable, and we look forward to collaborating with you.