AndriaB (Colorado)
Posts: 1
Posts: 1
Posted:
I am the President of a condominium HOA with 280 units and 13 buildings (12 residential, 1 community building). We have 5 full-time staff (1 managing agent, 1 bookkeeper/assistant, 3 grounds/maintenance) and 2 part-time staff (building attendants for off hours).
I am concerned that we are spending too much on staff salaries + health insurance + workers comp + taxes. It turns out that 38% of our $750,000 2008 budget is dedicated to payroll!!! And after that, we still end up subcontracting out big projects, so this amount certainly doesn't cover all 'labor' done on the property.
My question - is this amount (38%) normal? Do other condo HOAs dedicate a similar amount of their budget to 'payroll', be it on-site staff who work directly for the HOA or the equivalent management service? I feel like we have too many staff that are also ineffective, but also feel that I lack perspective since this is the only HOA budget I've ever worked with.
Thanks in advance for sharing your own HOA's budget - just a percentage of your total budget that goes towards staff/management would be great.
I am concerned that we are spending too much on staff salaries + health insurance + workers comp + taxes. It turns out that 38% of our $750,000 2008 budget is dedicated to payroll!!! And after that, we still end up subcontracting out big projects, so this amount certainly doesn't cover all 'labor' done on the property.
My question - is this amount (38%) normal? Do other condo HOAs dedicate a similar amount of their budget to 'payroll', be it on-site staff who work directly for the HOA or the equivalent management service? I feel like we have too many staff that are also ineffective, but also feel that I lack perspective since this is the only HOA budget I've ever worked with.
Thanks in advance for sharing your own HOA's budget - just a percentage of your total budget that goes towards staff/management would be great.