SOLVED- ELABORATED-CMCA Budgets, Reserves, Investments, and Assessments-Financial Controls for 2021

SOLVED- ELABORATED-CMCA Budgets, Reserves, Investments, and Assessments-Financial Controls for 2021 SOLVED- ELABORATED-CMCA Budgets, Reserves, Investments, and Assessments-Financial Controls for 2021CMCA Budgets, Reserves, Investments, and Assessments/Financial Controls for 2021 Assessment - |Ans| The owner's financial obligation to the community association during a given period of time—usually one year. It covers the owner's share of the common expense, also known as "common expense liabilities" in some states. Baseline funding - |Ans| The goal of this funding strategy is to keep the reserve cash balance above zero. Chart of accounts - |Ans| An organized list of titles, descriptions and assigned numbers of all accounts in an organization's general ledger. The assigned number helps you locate the account. The title describes the purpose of the account. Discretionary budget line items - |Ans| These are items based on owner, board and committee desires. They are items people would like to have—given their values, lifestyle, and preferred level of service (e.g. social and recreational expenses, and picnic areas). Expenses - |Ans| Cost of goods and services used to operate and maintain the community's property. Federal Housing Administration (FHA) - |Ans| Regulates and influences such items as the amount of insurance a community association must carry, procedures for financial operations and requirements for the upkeep of property. Federal Home Loan Mortgage Corporation (FHLMC) - |Ans| Buys mortgages from lenders and in doing so require certain types of insurance to be in place. Federal National Mortgage Association (FNMA) - |Ans| Federally established secondary mortgage institution that may set requirements that your community association will have to meet if owners are to participate in their financing programs Full funding - |Ans| The goal of this funding strategy is to attain and maintain the reserves at or near 100 percent as called for on the component inventory. Historical trend budgeting - |Ans| This method begins with the assumption that existing line items are needed. The amount of funds allotted to each during the current year is adjusted for expected changes in the coming year. Major improvement expenses - |Ans| Consist of items that are not necessarily required, but are added to improve the overall welfare, safety or life of the residents—or to enhance the value of the community association as reflected in the resale value of units.#Applications and Forms #CMCA #Exam #Prep #CMCA #Examination #You #Passed. #Standards of #Professional #Conduct #MaintainingtheCMCA #CMCA #Retired #State #Specific #Requirements #Community #Association #Managers #International #Certification #board Governance, #Legal, and #Ethical #Conduct #Budgets, #Reserves, #Investments #Assessments #Contracting #FinancialControls #RiskManagement #Insurance #Property Maintenance # Meetings # Human Resources