Blog posts and webinars helping you navigate HOA financial management

You can find an extensive library of HOA resources here at the Community Financials Blog. Updated regularly with articles of interest to anyone on the Board of an HOA or Condo Association (or thinking of joining one!), it is guaranteed to have insight on any related subject that you are seeking out.

  • HOA financial management, bookkeeping, auditing, and collection practices— our curated Blog section features posts and webinars that aim to answer your most burning questions.
  • We also explore common topics such as, but not limited to, HOA tax returns, Board elections, and more!
  • Bookmark it today for your one-stop resources source.

See How Your HOA or Condo Dues Compare to the Average in Your State

Posted on December 13, 2024
Blog Posts

Community association boards and property managers understand how crucial it is to set fair and sustainable condominium assessments. However, knowing whether your assessments align with the market or need adjustment can be challenging. Thankfully, the Foundation for Community Association Research has developed an invaluable tool to assist you in comparing your condo dues to those…

Corporate Transparency Act Update: What HOA and Condo Boards Need to do before Jan 1, 2025

Posted on November 13, 2024
Blog Posts

On October 11, the Alexandria District Court held a preliminary injunction hearing in Community Associations Institute (CAI) v. U.S. Department of Treasury, a pivotal case challenging the Corporate Transparency Act (CTA). CAI has been fighting to protect community associations from the burdensome requirements imposed by the act. A crucial update came on October 24 when…

Streamlining Parking Management for HOA and Condo Communities

Posted on November 4, 2024
Blog Posts

At Community Financials, we occasionally investigate services that may benefit community boards and property managers, helping them operate their communities more efficiently. One noteworthy solution is Wayleadr Home, which simplifies parking management for any property including HOA and condo communities. Optimize Your Parking Allocation Wayleadr Home’s standout feature is its ability to create a customized…

Does a Two-Column Balance Sheet for HOAs and Condos Simplify Reporting?

Posted on October 29, 2024
Blog Posts

Community Financials has introduced a two-column Balance Sheet format that separates Operating and Reserve Funds, providing a clearer picture of the financial position for homeowners’ associations (HOAs) and condominiums. This blog explores how this new format differs from a traditional Balance Sheet, how to read it, and why it simplifies understanding for board members. How…

Insulate Your HOA and Condo Accounting from Interruptions from Staff or Natural Disasters

Posted on October 25, 2024
Blog Posts

In the fast-paced world of Homeowners Associations (HOAs) and condominium operations, consistency and reliability in accounting are essential. Interruptions can arise from various factors, including staff illnesses, vacations, or unexpected natural disasters. Implementing strategic measures is crucial to protect your accounting processes and ensure smooth operations. The Danger of Limited Staffing One significant pitfall many…

Year-End Budgeting Tips and Timeline for HOAs and Condos

Posted on August 8, 2024
Blog Posts

As we approach the end of the year, many communities are gearing up for the budget season, especially those with fiscal years aligned with the calendar year. With the new fiscal year starting January 1st, it’s crucial to adjust budgets to ensure that they cover rising expenses, upcoming projects, and reserve funding. Understanding the Importance…

Florida House Bill 1203: HOAs Must Provide Online Access to Community Information Coming to Your State?

Posted on July 31, 2024
Blog Posts

Starting January 1, 2025, Florida’s Homeowners Associations (HOAs) will face new requirements regarding online access to community information, thanks to the recently signed House Bill 1203. This legislation aims to enhance transparency and accessibility for homeowners by mandating online portals where residents can access essential documents and information. Your community may not be in Florida,…

What NOT to Do When Contacting Delinquent Owners in Your HOA or Condo

Posted on July 23, 2024
Blog Posts

Communication with delinquent homeowners in a homeowners association (HOA) or condominium association is crucial for maintaining financial stability and ensuring community upkeep. Navigating this process requires sensitivity and strict adherence to legal guidelines. Here, we will explore common mistakes to avoid when contacting delinquent owners, emphasizing the importance of compliance with regulations and fostering positive…

CAI Board of Trustees Approves Legal Action Against Corporate Transparency Act

Posted on July 12, 2024
Blog Posts

Community Financials, a Business Partner member of Community Associations Institute, is pleased to share the latest information with our network. In June 2024, the Community Associations Institute Board of Trustees voted to file a lawsuit seeking an exemption for community associations from the burdensome provisions of the Corporate Transparency Act. This action further underscores the…

Join a Live Interactive Podcast for HOA and Condo Board Members July 8, 2024

Posted on July 3, 2024
Blog Posts

We’re thrilled to announce a special upcoming event you won’t want to miss. Tune in live on July 8th at 3pm PT for an engaging episode of the HOA Insights Podcast, a podcast focused on educating HOA and Condo Board members. As part of Community Financials’ core values of We Listen, We Solve Problems, and…

Embrace Alternatives to QuickBooks for HOA and Condo Management

Posted on June 29, 2024
Blog Posts

QuickBooks Desktop Bows Out – HOAs, Time to Upgrade! Intuit has announced a significant shift in the accounting software landscape with the discontinuation of QuickBooks Desktop, setting July 31, 2024, as the deadline for final purchases. This pivotal change impacts numerous businesses and HOA communities that have relied on QuickBooks Desktop for their financial tracking…

Why Are Homeowners Charged a Fee to Make an Online Payment to their HOA and Condo And Is there a Way Around It?

Posted on June 18, 2024
Blog Posts

Why Are Homeowners Charged a Fee to Make an Online Payment to their HOA and Condo And Is there a Way Around It?  Many management companies charge a $1 or $2 fee each time a homeowner makes an online payment.  This fee charged by payment processing companies, and marked up by management or software companies,…

Corporate Transparency Act Update: Ruled Unconstitutional by Federal Court

Posted on March 5, 2024
Blog Posts

There is a new development regarding the Corporate Transparency Act.  A Federal court ruled the Corporate Transparency Act is unconstitutional. See below from the Community Associations Institute (CAI): Resources:CAI Corporate Transparency Act ResourcesCall to Action = Contact your Senator TodayFederal Court RulingNational Small Business Association Announcement Forbes Article For the time being compliance with the CTA…

A computer screen in an office with bookshelves and a calendar, with the words "farewell to tops pro" written on the screen.

Tops Pro and IQ Discontinuing by the End of 2024

Posted on February 28, 2024
Blog Posts

One of the most widely used property management and accounting software for HOAs and Condo Associations to date has been Tops Pro. This software is being discontinued, and will not be supported past the end of 2024. If your community is currently using this software, what does Tops Pro and IQ discontinuing by the end…

Podcast for HOA & Condo Board Members on Detecting and Preventing Fraud

Posted on January 24, 2024
Blog Posts

Looking to learn more about being a Board Member at your community?  Podcasts are a great way to learn about topics.  I recently was a guest on a podcast for HOA & Condo Board Members on detecting and preventing fraud. The Podcast is called HOA Insights: Common Senese for Common Areas and the host of…

Do HOAs and Condo Communities have to comply with new 2024 FinCEN regulations?

Posted on January 15, 2024
Blog Posts

As of January 1, 2024 the Financial Crimes Enforcement Network (FinCEN) will require most legal entities, domestic or foreign, to report their Beneficial Ownership Information (BOI). How will this impact HOAs and Condominium communities? Do HOAs and Condo Communities have to comply with new 2024 FinCEN regulations? What is the Corporate Transparency Act About? The…

2024 HOA & Condo Board Resolutions and Goals

Posted on January 11, 2024
Blog Posts

The start of a new year is a time for reflection on what went well and what didn’t go so well in the prior year.  Whether you call them resolutions or goals what can you do to take steps to improve your community or your time spent on the Board?  Let’s take a look at…

Why do HOAs and Condos have to change systems when they change managers or accountants including accounting software and banks

Posted on December 7, 2023
Blog Posts

When talking with Boards looking to make a change in how they operate their community I am often asked questions related to changes that will occur.  The most frequently asked questions are do we need to change our software or bank and why? Homeowners Associations (HOAs) and Condominiums may need to change systems, including accounting…

Collections Laws for HOAs and Condos in all 50 States

Posted on November 29, 2023
Blog Posts

We want to share an awesome resource to figure out the collection laws for HOAs and Condos in all 50 states.  Our friends at Axela have a digest of all the requirements since regulations governing Homeowner Associations and Condominium Communities vary greatly from state to state. From Axela: “Debt collection done wrong is a very…

14 Steps to Prepare your Homeowners Association or Condo Community for an Audit

Posted on November 14, 2023
Blog Posts

Preparing for a year-end audit for a homeowners association involves careful organization, documentation, and attention to detail. Here are some steps you can follow to ensure a smooth audit process: Step 1 Organize Financial Records Gather all financial records for the year, including receipts, invoices, bank statements, and ledgers. Ensure all transactions are accurately recorded…