Let’s face it – HOA financial management is rarely why someone joins the board. But staying on top of your community’s finances is one of the most critical responsibilities you’ll have. Still, it doesn’t need to be a constant source of stress. If your board is buried in spreadsheets or playing catch-up with budgeting and…

Managing insurance costs is becoming more challenging for community associations. To help you navigate these waters, we’ve put together a guide based on insights shared by insurance expert Dave Pilon, CPA, CFA, CIRMS, at a recent Community Association Institute (CT Chapter) Symposium. This guide covers key strategies for budgeting for HOA and condo insurance in…

Many Homeowners Associations (HOAs) face a common dilemma: how to achieve effective management without incurring the significant costs associated with full professional management. While self-management can seem appealing, it often places a heavy burden on volunteer board members. Fortunately, there are viable alternatives that offer a balanced approach. This topic was discussed in a podcast…

Small HOAs, Big Financial Responsibilities A small homeowners association (HOA) may oversee just a handful of homes or a small condo complex, but its financial responsibilities are just as important as those of a larger association. While “small” can mean different things to different communities, it generally refers to HOAs and Condo Associations with anywhere…

If you are not used to looking at financial reports they can seem as confusing as a foreign language.  If you have limited time as a HOA or Condo volunteer or are a busy Manager what reports should you review before your meeting and what do all the numbers mean? Join us to learn about…

Surveillance cameras are increasingly common in condominium communities, offering a layer of monitoring for various purposes. However, it’s important to differentiate these from security cameras, as the presence of surveillance video is primarily for rule enforcement, not safety. Attorney Kristie Leff of Bender Anderson & Barba P.C in North Haven, CT advises that associations establish…

Recent Update: Filing Deadline Extended – March 21, 2025 HOA and Condo Boards, take note! The filing deadline for the Corporate Transparency Act (CTA) has been extended to March 21st, 2025. This extension, announced by FinCEN on February 19th, gives community associations extra time to comply with the Beneficial Ownership Information (BOI) reporting requirements. But…

I recently spoke with a representative from Tops/Enumerate, confirming that support for Tops Pro software – via calls or emails – will end after July 1, 2025. There have also been no recent patches or upgrades. They also said customers are strongly encouraged to transition to a different software solution before this deadline to ensure…

When updating or creating rules for a community association, it’s essential to ensure the rules are clear, enforceable, and legally compliant. These guidelines can help you craft rules that are both fair and effective for your HOA or Condo. Do: Use Clear, Direct Language Clarity is key when drafting community rules. Avoid vague language like…

As a board member time is one of your most valuable assets. However, many board members find themselves buried under the demands of meetings, reporting, and administrative tasks. One customer recently shared how they were spending over 30 hours a month on board responsibilities—time they believed could be used more effectively. Their goal? To find…

For some of Community Financials’ customers we have used RevoPay to help with encrypted online payment processing.  They handle e-checks and credit card transactions.  Their system plugs into our accounting software and is a “behind the scenes” part of our homeowner online payment solution. RevoPay was founded in 2002 as a cloud-based e-payments software and…

In a significant development, the U.S. District Court for the Eastern District of Texas issued a preliminary nationwide injunction on December 3, 2024, halting the enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. This ruling blocks the requirement for businesses, including community associations, to file their BOI reports…

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…

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…

Navigating California’s complex HOA regulations can be challenging for board members and community managers. Staying compliant with the latest legal updates is crucial to maintaining smooth operations and protecting the interests of homeowners. With the introduction of significant changes to California HOA laws in 2024, it’s more important than ever to understand how these regulations…

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…

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…

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…

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…

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,…