Budget Basics 101: Word Bank

1234567
Across
  1. 2. Fund; A property savings account funded by a percentage of your association’s monthly fees that serves as a cushion to protect the building’s finances from the burden of necessary future expenditures.
  2. 5. The difference between the association’s assets and liabilities.
  3. 6. Mandatory fees that owners/members must pay on a monthly or annual basis and can differ based on the type of project and/or operating costs that need to be covered in the development.
  4. 7. The ethical and moral obligation of the Board to make decisions for the benefit of everyone in the community in a fair and prompt manner.
Down
  1. 1. Include the conduct, elections, and responsibilities of members of the board as well as provisions on the board of directors, internal governance, and the association’s operation.
  2. 3. The difference between expected and actual expenditures.
  3. 4. Type of maintenance repairs that get postponed and marked as a lower priority status in order to save costs, meet budget funding levels, or realign available budgets.