2020 Budget Preparation & WUCIOA
By: Paul D. Grucza CMCA, AMS, PCAM – Director of Education & Client Engagement
For many of you, being newly elected to your boards, this will be your first budget season for you and your communities, working with your manager to develop the 2020 budget. I’ve attached an FAQ (bottom of page) that was developed last year ahead of the legislatively approved WUCIOA (Washington State Uniform Common Interest Owners Act) that for some, created a new process and for all some new reporting requirements. Please take a moment and review its contents. Whether you are an “Old” Act Condo (prior to July 1, 1990), or a “New” Act Condo (after July 1, 1990, or a statutory Homeowner’s Association, certain elements MUST be attended to under WUCIOA including a full budget ratification meeting of the membership (after the board approves its draft budget) along with certain disclosure requirements, which CWD Group and your manager will develop during the budget season, which will be part of a mailing to the membership ahead of your ratification meeting. It’s very important you work with your manager to meet the preparation, dissemination and meeting for ratification requirements and dates as outlined in the new statute.
We are here to assist however possible and our managers go through a thorough budget preparation process review every year to assure that the documentation you receive is complete and accurate. Your input into the budget process is important and factors into what your final draft budget will look like. We’ll speak to many of these components at the upcoming board session and have follow up information for all boards after that date.
For now, know that your manager and all of us at CWD Group look forward to assisting your community move through the 2020 budget process and meet all the now required reporting, meeting, and disclosure requirements. Any questions, just let us know. We’re here to help. Thank you for all you do to make your community a great place to call home!!