Embezzlement. Payroll. Accounts Payable. Delinquencies. Operating vs Reserves. These just a few of the financial challenges boards and managers face twelve times a year. It is so simple to say “assessments should offset expenses” in running a community association....
When associations talk about making good financial investments, they are often referring to the best rate they can get on CD or other banking products. Community Financials thinks a far more important financial investment a community can make is in itself and its own...
The greater number of ways an owner can pay your community dues the better. More and more communities are working with a financial /property management company to provide online payments in addition to payment by check. When it comes to online payments there are a...
A homeowner in your self-managed condominium has just requested a resale package and wants to close next week. The Association Treasurer just left for a two-week honeymoon. The Association President steps in and makes a copy of his own document package he received...
There are times when a condominium association or HOA absolutely needs more money than what is readily available in the association’s bank account. Unexpected losses, inadequate Reserve Funds, lawsuits, and more can lead an association to seek additional funds. If a...
The decision to conduct a financial review or audit can be difficult for many common interest communities. The expense, effort, and length of time all play a role in the decision. For most condominium associations and HOAs, financial reviews are fairly inexpensive,...
