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.
Year-End Budgeting Tips and Timeline for HOAs and Condos
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?
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
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
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
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
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?
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
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…
Tops Pro and IQ Discontinuing by the End of 2024
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
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?
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
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
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
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
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…
Reserve Requirements for HOAs and Condos in Each State
We wanted to share an excellent resource with you which will help you to figure out the reserve requirements for HOAs and Condos in each state. Our friends at the Community Associations Institute (CAI) have a digest of all the requirements since regulations governing Homeowner Associations and Condominium Communities vary greatly from state to state. What are…
New Podcast for HOA & Condo Board Members
Looking to learn more about being a board member at your community? Or do you want to improve how your HOA or Condo operates? Good news there is a new podcast for HOA & Condo Board members. I love podcasts as a great way to learn something new or go deeper into a topic I…
Adding Efficiency and Lowering Costs While Managing Your Association Without Onsite Staff
Keeping Your HOA Management Fees Low Many condominium and Homeowners Associations, especially those accounting for large associations, are unnecessarily financially burdened by having onsite staff for accounting and management work that is ideally suited for outsourcing to a third party. Everything from maintaining the day to day ledgers to fielding service calls from residents is…
How Much Money Is Recommended to Keep in a HOA or Condo Operating Bank Account
Managing Operating Account Finances We frequently are asked about how much money is recommended to keep in a HOA or Condo operating bank account. The answer varies as each HOA is unique (different sizes, different structures and amenities) and so has different financial needs. However, there are some rules of thumb and principles to keep…
Online Learning Academy for HOA and Condo Board Members
Most duties and challenges that Board Members face in running their Homeowners Association are similar in nature. Whether you are running a small condominium or a larger property owners association (POA) many of the work themes are the same. Since one of our company’s core values includes education, we are happy to announce the launch…