Workplace wellness is any program that aims to improve the health of your employees and their families while reducing your health-related costs as an employer. Many companies implement comprehensive wellness programs that focus on preventative health and lifestyle modification. This means encouraging employees to focus on key health behaviors such as increasing physical activity, improving eating habits, reducing stress, and ceasing tobacco use.
The rationale behind wellness programs is that encouraging healthy habits now can prevent or lower the risk of serious health conditions later. Similarly, adopting these same habits can help those with an existing health condition manage it.
Here at Leland we care about the health of our team members. We started a fitness group known as the “Leland Bod Squad” that is open to all employees and meets twice a week under the supervision of a licensed personal trainer.
Our “bistro” is an on-site lunch room complete with two fridge/freezer combos, two microwaves, two dishwashers, a toaster oven, and every necessary utensil for our team to bring and prepare healthy meal options at work.
We also take an interest in maintaining the physical health of our employees by offering free on-site flu shots and mammograms annually.
Leland Management makes significant investments in our wellness program to show our employees that we value their health. This has proven to be beneficial for our team as well as our company. Wellness programs have been linked to greater productivity, less absenteeism, and a reduction of long-term health care costs.
Fall is the time of the year when many HOAs shift their focus to the next year and begin working on the annual budget. A solid budget helps track progress, plans for growth and makes adjustments throughout the year. Here are a few of the things we look at when preparing your annual budget.
Know the History:
It’s good to review the HOA financial information for at least the last two years to get an accurate picture of where you are vs. where you want to be. Budgeting is rarely an exact science because there are usually unforeseen situations. Knowing the history helps us understand the adjustments needed to the budget and/or assessment fees to keep your association in a solid financial position.
Evaluate Maintenance and Projects:
It’s important to include the correct amount for monthly services, seasonal maintenance and special projects. We identify all vendor contracts that are due for renewal and budget any changes in rates and record any updated insurance information. Then we assess and prioritize any major projects for the association and include the association cost in the budget.
Budget for the Reserve Fund:
No budget is complete without funding the reserves. The percentage of revenue that you put in reserve depends on the long-term liabilities and obligations identified in your reserve study. Adequately funded reserves can’t eliminate special assessments but it decreases the likelihood that special assessments will be needed.
Assess general and administrative costs:
This is a good time to review insurance premiums and deductibles to ensure that they are budgeted correctly. Some associations may need to review the budget for legal, collections, mailings and other professional services required by the association.
Leland and the Board have a fiduciary duty to manage association funds and property in a sound manner. We take every precaution to ensure your association adopts a stable financial plan for the coming year.
For any questions about your association budget please contact your Leland accounting manager.