I’ve talked to many community board members that are interested in self-management but have doubts it will work for them. There are clear benefits but who will do all the work? A major theme we hear is the desire to self-manage your HOA or Condo but will volunteers do the work? The primary benefit is…
In our continuing education class “Financial Best Practices for Homeowner Associations and Condo Communities” we recommend managers and board members close old bank accounts. In this post we are going to discuss why you should close your old HOA and condo bank accounts. Reason #1 – More Work More bank accounts means more accounts to…
Doing payroll is straightforward and easy right? Not really. Many communities and management companies get tripped up by payroll. Don’t be ashamed I know a lot of accounting companies that outsource payroll to experts as well. This post discusses how to reduce risk: outsource your HOA or condo community payroll. Risk #1: Fraud From studying…
I taught a class on Financial Best Practices to 80 Community Association Managers and Board Members earlier this month. A Board Member said you know what would be great is if we could get notifications of debit card ATM withdrawals or purchases. I said you are right that is an awesome way to prevent fraud…
We want to thank all of the attendees of the Community Association Institute Rocky Mountain Chapter’s 2019 Spring Trade show and Conference that participated in our class Friday March 15th in Denver, CO. 80 Managers and Board Members learned about HOA and Condo financial best practices by Community Financials. The class started by reviewing three…
Colorado’s Community Association Manager Licensing (CAM) Law is scheduled to “sunset” on June 30th, 2019. However, there is a Bill in the Legislature that is expected to provide a continuation of licensing for CAMs. As some of the activities we perform for HOAs and Condo Communities are deemed activities of a Community Association Manager to…
Doing Minor HOA Financial Operations Right Your community needs to make small purchases for minor day to day operations. What is the best way to accomplish this without a Board member spending his or her own money, or possibly risking fraud from improper controls around petty cash, debit, or credit card usage? First, some local…
Many associations use credit cards or debit cards for handling some expense items. We don’t agree with this practice as it can lead to abuses and fraud. With good planing and budgeting an association should be able to do with out these payment methods. We wanted to take a look at Condo and HOA Debit…
If you live near Denver come join Community Financials at CAI’s Spring Conference. We are a speaker at the Rocky Mountain Chapter of Community Association Institute (CAI) 2019 Spring Showcase and Tradeshow Friday March 15th from 10am – 4pm. We will be teaching a class on Financial Best Practices for the 3:00pm – 4:00pm breakout…
Russell Munz, Founder
Certified Manager of Community Associations (CMCA)
Expert Financial Oversight
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