Winter Prep Essentials: A Financial Checklist for HOA Managers

Winter often brings unpredictable expenses, especially for community associations. From snow removal, emergency repairs, heating costs, potential liability claims—the list never ends. Without proper planning, these costs can strain your operating budget and reserves, leading to special assessments or deferred maintenance.

It is important for Board managers to ensure financial readiness to have:

• Stable cash flow for seasonal expenses.
• Avoidance of emergency assessments that frustrate homeowners.
• Protection against liability risks from accidents or delayed services.
• Confidence in vendor partnerships through timely payments and clear contracts.

Corner Property Management (CPM) AAMC has put together a Winter Financial Checklist to guide you this coming winter reason.

1. Review Your Budget
   Start by revisiting your annual budget and identifying winter-specific expenses:

• Snow removal and de-icing services
• Increased utility costs (heating, lighting)
• Emergency repair allowances for plumbing, roofing and HVAC
• Seasonal landscaping or tree trimming

If your budget is tight, consider reallocating funds from discretionary projects or using reserve funds for critical winter needs.

2. Confirm Reserve Fund Health

Your reserve fund is your safety net for major repairs and replacements. Winter can accelerate wear on roofs, gutters, and pavement.

Make sure to check the following:

• Reserve contributions are up to date
• Funds are accessible for urgent repairs
• Reserve study projections account for winter-related deterioration

3. Lock in Vendor Contracts

Winter vendor readiness is essential for operational continuity and financial stability.
Take the steps below to confirm everything is in place:

• Snow removal contracts
• Clear pricing structure – Confirm with the vendor whether pricing is per visit, seasonal or based on snowfall depth. Include any surcharges for emergencies or heavy storms.
• Response times – specify maximum response time after snowfall begins to avoid accessibility issues.
• Scope of work – clarify what’s included on the vendor’s services to prevent disputes: plowing, salting, sidewalk clearing and hauling excess snow.

• Preventive maintenance agreements
• HVAC Systems – ensure seasonal inspections, filter replacements and emergency repair protocols are properly documented.
• Plumbing and electrical – include routine checks for leaks, pressure issues, wiring integrity and compliance with safety codes.
• Service frequency – define how often preventative visits occur and what triggers additional service calls.

• Payment & cash flow alignment
• Payment schedules – negotiate terms that match your budget cycles: monthly, quarterly or seasonal
• Avoid late fees – confirm grace periods and penalties for delayed payments.
• Service continuity – ensure vendors will not suspend services for minor delays and include this in the contract agreement.

Tip: Negotiate seasonal discounts or bundled services to save costs. Also, keep digital copies of all signed agreements in a shared folder for quick reference during emergencies or audits.

4. Plan for Emergency Expenses

Even with the best planning, emergencies happen. Allocate a contingency fund for:
• Burst pipes or water damage.

• Roof leaks from ice dams.
• Power outages requiring generator rentals or repairs.

A good rule of thumb: Set aside 5–10% of your operating budget for unforeseen winter expenses.

5. Review Insurance Coverage

Winter hazards increase liability risks. Review your policies to ensure:

• Adequate coverage for slip-and-fall incidents.
• Property damage protection for snow and ice-related issues.
• Vendor insurance compliance to reduce HOA exposure.

6. Communicate Financial Policies

Transparency builds trust. Inform homeowners about:

• How winter expenses are budgeted.
• Steps taken to avoid special assessments.
• Emergency protocols and vendor partnerships.
• Use email, social media, and community boards for consistent updates.

Cost-Saving Strategies for Winter

• Bulk Purchase Supplies: Buy salt, sand, and de-icing agents early to avoid peak-season price hikes.
• Energy Efficiency: Schedule HVAC tune-ups and encourage residents to seal drafts to reduce heating costs.
• Preventive Maintenance: Address small issues before they become costly emergencies.
• Vendor Negotiation: Lock in multi-year contracts for better rates.

Team up with Corner Property Management this winter to prepare.

Here at CPM, we support Board members in planning proactively, both financially and operationally. From vendor coordination to reserve planning, our team ensures your community is prepared for winter without unnecessary financial stress.

Need help in winter-proofing your association’s finances? Book an appointment with us today!

New Jersey:
Lawrence N. Sauer, CMCA PCAM CPM at 973-376-3925, ext.129 or email larry.sauer@cp-management.com

Pennsylvania:
Andrew Batshaw at 973-376-3925, ext.191 or email andrew.batshaw@cp-management.com