Commission on Common Ownership Communities > CCOC Announces New Training Dates

** New Class Opportunities Below**

“Community Governance Fundamentals”

Directors who have been elected or appointed to a condominium, co-op, or HOA board for the first time must take this training course in order to receive a “certificate of completion” as required by the Montgomery County Code, Chapter 10B. This course is also open to unit owners interested in learning about common ownership community operations. Topics discussed will include Governing Documents, Ethics, Financial Management, Audits, Reserve Studies, Elections, Conducting Meetings, etc. This class requires approximately 3 hours.

If you have received a certificate after taking this class online or in person since January 1, 2016, YOU DO NOT NEED TO RE-TAKE THIS CLASS. However, the CCOC suggests that you re-take the class on occasion to refresh your knowledge.

Seating is limited; go to the following links to register:

Tuesday, August 5, 2019, 6:00 - 9:30 PM “Community Governance Fundamentals”
https://www.eventbrite.com/e/ccoc-board-of-director-training-tickets-63007323601

“Financial Statement Fundamentals” (formerly “Bookkeeping 101”)

One of the most important and underestimated jobs of any common ownership community board is understanding and managing community finances. We’ve seen many boards mismanage their finances simply because they didn’t understand basic accounting fundamentals. This has nothing to do with intentional neglect, but everything to do with bad or incomplete financial reporting. This course will teach you the 6 basic reports you need to understand in order for your association to succeed:

1. Income and expense ledger or Profit & Loss (“P&L”)
2. Balance sheet
3. General ledger
4. Cash distribution statement
5. Accounts delinquency statement
6. Accounts payable statement

We encourage you to take this class to understand or refresh yourself on the basics of accounting fundamentals, and highly recommend it be taken in combination with the following “Budgeting and its relationship to the Reserve Study”. This class requires approximately 2 ½ hours.

Seating is limited; go to the following links to register:

“Budgeting and its relationship to the Reserve Study” (formerly “Accounting-Budgeting 101”)

We recommend this course be taken as a follow-up to “Financial Statement Fundamentals”. It is designed for board members and unit owners with limited knowledge or experience in preparing a budget or reserve schedule.

We will walk you through budget preparation and calculating annual assessments, good accounting practices and record keeping, and how to spot discrepancies, expenses not paid and/or expenses paid to the wrong account when reviewing your financial reports. We’ll also explain how to understand your reserve study, how the study affects your budget, what the minimum required reserve fund disclosures are, and what you need to know about reserve funding and expenses. Your association is at risk without budgeting sufficient funding for your capital improvement projects. Knowledge is power and this course will help set the tone for good long-term planning! This class requires approximately 2 ½ hours.

Seating is limited; go to the following links to register: