There are always some owners that don’t pay their Homeowner Association (HOA) or Condo charges on time. Some owners don’t pay for many months – and the list of delinquent owners and the amount of money owed gets larger when there is a recession. The amount of uncollected money causes a financial problem and risks…
I talk to hundreds of HOA and Condo Board members every year. Many of them have a Community Association Manager or Management Company, working for them. Some of them dislike the high cost of the poor service they receive. However, they are reluctant to make a change to either a new manger or to become…
Some Boards are hesitant to change accounting mid fiscal year. The fear may be that the accounting for the fiscal year end will be convoluted or inaccurate and can interfere with a year-end audit or tax filing. Or the fear may be that it is a lot of work. You don’t have to fear the…
A key part of financial transparency is access to banking information. We selected one of the few national banks that specializes in HOAs and Condo banking. We use this bank to provide operating accounts since as they interface with our accounting systems to provide online payments and checks mailed directly to the bank’s lockbox (a…
One of the software programs we use at Community Financials is TOPS. TOPS is the largest software company in the HOA & condo industry as measured by the number of management companies using it. It has 5 times as many clients as the next largest competitor Caliber which we also use. Community Financials visit with…
All in favor, say “Aye”! If only the process of electing community association directors were that simple! Depending on the size and complexity of your association, you may find the proper handling and record keeping requirements of annual elections to be a significant burden. Did you know there are a myriad of online election tools…
Have you ever come across a story about theft at an HOA or Condo community? Ever think that it couldn’t happen at your community? Maybe it couldn’t but there is an outside chance that it could. Maybe not with the current board but a future board? If you want to learn how to stop theft…
So your HOA or condo community already is or is going to become self-managed but you want some software to help make it easier. Before shopping for, buying and training on software we wanted to give you an overview of self-managed HOA software and self-managed condo software options. Tier 1: Spreadsheets …
Homeowners Associations (HOAs) and condo communities use accounting services. However accounting service is a broad term and can mean different things to different people. In this post we are going to explain the various accounting services for HOAs and Condo Communities. FINANCIAL MANAGEMENT / BOOKKEEPING On a weekly and monthly basis HOAs and condos require…
Russell Munz, Founder
Certified Manager of Community Associations (CMCA)
Expert Financial Oversight
Experience the difference with our professional financial services designed specifically for HOAs and condo associations. Simplify your finances with our expert support.
Need to change an existing consultation? Email info@communityfinancials.com
