Budget notes (still current)

  Budget Line Item Descriptions: All Association Line Items

 

7010 AUDIT
Cost for Certified Public Accounting firm to audit associations’ financial statements and records.

7030 BANK CHARGES
Deleted for 2006 since there will be no bank charges.

7050 COMMITTEE EXPENSE
All Board approved committee funding.

7060 COURT COSTS
Direct costs to file suit papers and other items with county court on delinquent accounts. (Recoverable expense)

7070 DUES AND SUBSCRIPTIONS
Estimate for any Board Approved activity in this area. (e.g. Community Association Institute or any other community membership.)

7090 HOA DEPOSITORY FEES
Direct costs to file legal documents at the Montgomery County Depository. This would include new rules or amendments.

7110 INSURANCE
Cost based on current policy with associations’ carrier.

7130 LEGAL FEES
Collection of delinquent accounts and any legal opinions requested by the board.

7140 PERSONAL PROCESS SERVER - MTM
Charge for personal process service of legal notices as required by law in the collection of delinquent accounts. Recoverable from unit owner(s) served.

7170 MANAGEMENT OTHER
MTM's administrative charges for the following: Bad check charges, mortgage statements, HOA document duplication , court attendance on collection cases & any other billable collection charges to homeowners who become delinquent in fee payments. These charges are recoverable from unit owners. Other charges not associated with collections that would fall into this category are: special mailings, secretarial support etc. (e.g. Annual Meeting Notice, Budget Notice, etc.)

7185 MGT.ADM.CHG. NOI
MTM's administrative charge for instituting the Notice of Intent to create a lien letter. Recoverable from the delinquent unit owner.

7190 MGMT. ADM. CHG.-LIEN FILE & RELEASE
MTM’S administrative charge for the filing and release of a lien with the County Land Records office against a delinquent unit owner. Recoverable from the delinquent unit owner.

7210 MGMT. ADM. CHG – RESALE CERTIFICATES
Cost for providing county required certificates to owners. Reimbursable from requesting homeowner.

7230 MEETING EXPENSE
Cost for room rental to hold general membership meetings.

7250 NEWSLETTER
Estimated cost for editing.

7290 OFFICE SUPPLY AND EXPENSE
Costs would include the payment coupon booklets, replacement of lost coupon booklets, **production of pool passes, faxes, and welcome folders to new homeowners are also charged to this account code

7330 POSTAGE
This includes mailings for late notices, annual meeting notices, all general correspondence and special mailings.

7350 PRINTING AND REPRODUCTION
Cost for photocopying.

7370 PROFESSIONAL SERVICES
Cost for individual unit inspections and compliance if requested.

7390 RESERVE STUDY
Cost for Capital Reserve Study or current review if directed by the board.

7400 SOCIAL COMMITTEE EXPENSE
Requires board approval

7600 FEDERAL INCOME TAX
Estimate - HOA pays taxes on all interest earned on reserve accounts.

7620 STATE INCOME TAX
Same as 7600 (Fed Tax)

7640 TAXES OTHER – (WATER QUALITY)
County tax on storm water runoff and treatment.

7700 OPERATING RESERVE – Contingent Fund
Contingent fund for unexpected expenses.

7890 MISCELLANEOUS GENERAL & ADMINISTRATIVE
Line item created to capture misc. charges not covered by other line items.

8910 COMMON ELECTRICITY
Line item for common electric charges if any. Fuel impact item.

8930 WATER AND SEWER CHARGES
WSSC water and sewer charges.

9060 COMMON AREA R&M
Common area repairs not specified in establish line items.

9070 CONCRETE REPAIR AND MAINTENANCE
Repair or replacement of any common area structures in the community.

9150 ELECTRICAL R&M
Repair of any common electrical systems. (e.g. common lights, breaker panels etc.)

9190 FEN9190 FENCE R&M
Estimate for any repairs necessary to common fencing.

9220 GENERAL MAINTENANCE AND REPAIRS
Estimate for any repairs necessary to common property not identified by other line items.

9247 IRRIGATION SYSTEM REPAIR AND MAINT.
Estimatefor any repairs necessary to the system including start up and winterization.

9310 LANDSCAPING R/M
Estimate for minor improvements directed by the Board.

9490 SIGN REPAIRS AND MAINTENANCE
Costs for sign replacements or new signage.

9460 POND MAINTENANCE (SWM)
Cost for storm water management areas if any.

9510 TOT LOT REPAIRS
Cost for any repairs or maintenance to common tot lot areas if any.

9520 TRASH PICK-UP MISC.
Cost for Handyman to remove litter and illegally dumped trash in the community areas.

9525 TREE MAINTENANCE
Tree work on common trees.

9530 TURF TREATMENTS
Cost for chemical treatments to turf areas if not included in the lawn maintenance contract.

9610 LAWN MAINTENANCE
Cost for common are mowing and maintenance per contract specifications. Fuel Impact Item.

9700 TRASH REMOVAL
Cost for refuse removal on contract basis. Please keep in mind land fill tipping fees have been increased. Fuel Impact Item.

9800 SNOW REMOVAL
Estimate for sidewalk and private parking lot clearing during snow events. Fuel Impact Item.

9860 PROPERTY MANAGEMENT SERVICE
For all services as specified in the current contract with the association.

9990 CAPITAL RESERVE FUNDING
This schedule should be re-evaluated by the Board every year. Management always recommends use of a Professional Engineer to establish base line calculations for capital items through a formal Capital Reserve Study. In the event your association has not had a study done we highly recommend this tool to guide your community to its’ financial goal.

NOTE: ****

 The attached budget does not take into consideration special projects and other items which the Board may anticipate and of which management must be advised of prior to finalization of budget.

 MTM MANAGEMENT ASSOCIATES