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 when he bought his unit 5 years ago and offers it to…
HOA and Condo Association Loans Explained 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 Special Assessment seems unlikely, and HOA loan or…
The Difference Between an HOA Audit and HOA Review 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, are performed more frequently,…
Why is Form 1099 So Important? Your condo or HOA hired a lot of vendors and made plenty of disbursements this past year. These vendors were not employees of the association, yet were paid substantial sums of money over the course of the year for the goods and services they provided. The IRS requires that…
The annual tax return is a confusing topic for many HOAs and condominium associations. State and federal statutes require all associations to file tax returns every year. But that doesn’t mean that all do and that creates a risky situation for any association that doesn’t file. Let’s take a look at the rules, risks, and…
Does your Homeowners Association (HOA), Property Owners Association, or Condo Community have owners that don’t pay their common charges, dues, or assessments on time? I’ve been in this industry since 2001 and the system we have now is the best. Along with our collection agency partner, Axela, we collect in a way that is fair,…
Have you heard about the new radio station, WIIFM? No, WIIFM isn’t really a radio station. It is an acronym for What’s In It For Me. When it comes to the challenge of accurate financial management and bookkeeping for your condominium association or HOA, it is a question you need to ask yourself. Before you…
I served five years as an Army Lieutenant and then Captain from 1995-2000. It was an awesome education – I refer to this experience as my real-world MBA. I learned a lot (from some of the best senior officers and sergeants) that makes me a better person and leader today but wanted to share 3…
You may have heard of the banking term lockbox which refers to a bank-operated mailing address to which homeowners mail their payment checks. The checks are then delivered to a bank payment processing facility. This is a more secure and faster way to deposit physical owner payments. When checks are delivered to the lockbox, they…
Russell Munz, Founder
Certified Manager of Community Associations (CMCA)
Expert Financial Oversight
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