Condominium Association Annual Actual Expense & Revenues Template

Condominium Budgeting Actual Expense & Revenues : A Unique Approach to Property Management
Condominium budgeting and day-to-day operations are distinct from a typical business because they focus on managing the shared aspects of a property for its residents, not generating a profit for owners. The primary goal is to maintain the building's value and provide a high quality of life for the residents while keeping fees stable and predictable.
The template below is designed for a condominium association's operating budget, which is a crucial component of day-to-day operations. It outlines the sources of revenue and the various expenses necessary to run the property.

---

Condominium Association Annual Actual Expense & Revenues  Template
This template is a framework for a condominium association's operating budget. It should be used to plan and track the association's finances on an annual basis, with monthly tracking for comparison.
Template Instructions:
Income: This section lists all sources of funds for the association. The primary source is usually owner assessments (condo fees), but other income streams may exist.
Operating Expenses: These are the day-to-day costs of running and maintaining the property. They are typically divided into categories for clarity.
Reserve Contributions: This is a critical component of any condo budget. A portion of the income must be set aside in a separate fund for major future repairs and replacements (e.g., roof replacement, elevator repairs). A professional "reserve study" should be conducted to determine the appropriate amount.
Calculations: The template calculates the total income, total expenses (including reserve contributions), and the net surplus or deficit. A well-managed condo budget should aim for a small surplus to build up the operating fund, but not so large that it indicates overcharging the owners.

---

Condominium Association Annual Actual Expense & Revenues

Category	Annual Budget	Monthly Average	Actual YTD	Notes
Income
Owner Assessments (Condo Fees)	$	$	$	Primary revenue source.
Late Fees & Fines	$	$	$	Income from non-compliance.
Rental Income (e.g., common space, parking)	$	$	$	If applicable.
Laundry/Vending Machine Revenue	$	$	$	If applicable.
Other Income	$	$	$	Interest on bank accounts, etc.
Total Income	$	$	$
Operating Expenses
Administrative
Property Management Fees	$	$	$
Legal & Accounting Fees	$	$	$	Audits, legal counsel.
Bank & Credit Card Fees	$	$	$
Office Supplies & Postage	$	$	$
Utilities
Electricity (Common Areas)	$	$	$
Water & Sewer	$	$	$
Natural Gas/Fuel	$	$	$
Trash Removal	$	$	$
Maintenance & Repairs
Grounds & Landscaping	$	$	$
Cleaning & Janitorial Services	$	$	$
Elevator Maintenance	$	$	$	If applicable.
HVAC Maintenance	$	$	$
General Repairs & Maintenance	$	$	$	Painting, minor fixes.
Insurance
Master Policy (Property & Liability)	$	$	$
Directors & Officers (D&O) Insurance	$	$	$
Other Expenses
Pest Control	$	$	$
Security Services/Systems	$	$	$
Total Operating Expenses	$	$	$
Reserve Contributions	$	$	$	Funds for major future projects.
Net Surplus / (Deficit)	$	$	$	(Total Income - Total Expenses)

Key Considerations for Condo Operations:
Financial Transparency: A key principle of condo management is financial transparency. Budgets and financial statements should be made available to all owners.
Long-Term Planning: The reserve fund is essential for long-term planning and avoiding "special assessments," which are unexpected, large fees levied on owners for emergency repairs. 
Governing Documents: The budget and operational procedures must comply with the condominium's governing documents (e.g., the declaration, bylaws).
Professional Management: For most associations, a professional property management company is essential for handling the complexities of day-to-day operations, including vendor management, fee collection, and financial reporting.

When using a mobile phone to copy and paste this form into a Word document, it's best to rotate your phone to a horizontal (landscape) orientation. This will make it easier to select the entire table without missing any text or formatting.

How to Copy and Edit This Document

We've made this content available here so you can easily create your own editable copy. Just follow these three simple steps:
Highlight and Copy: Use your mouse to highlight all the text you want to use. Then, right-click and select "Copy," or use the keyboard shortcut Ctrl+C (on Windows) or Cmd+C (on Mac).
Open a New Document: Open a new, blank document in Microsoft Word or another word-processing program.
Paste and Edit: Right-click inside your new document and select "Paste," or use the shortcut Ctrl+V (on Windows) or Cmd+V (on Mac). The content is now yours to edit, save, and modify as you wish!