Managing the association's rainy day fund
from By Robert C. Harris
Some associations are sitting on considerable reserves — a combination of savings and property. Ask why they have amassed the assets, one might hear, "It is our rainy day fund." An organization's reserves are part of its strength and are intended to benefit the membership and advance the mission. Yet when an expenditure is essential, I've heard boards tell the executive director, "We can't afford that, it's not in the budget," although the savings were flush.
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063