Running an HOA is Scary! Collecting money from neighbors, keeping accurate ledgers, condo and HOA bookkeeping nightmares, paying the bills, tracking and reporting all the receipts, preparing monthly reports, making timely tax payments. Not to mention all that lost time and potential headaches for Board Members. And the scariest thing of all: the opportunity for…
As the COVID-19 pandemic and all of its associated financial uncertainties continue, many condominium and homeowners association Boards are faced with the very real problem of not having enough reliable income from common fees and assessments, forcing them to look to alternative methods of funding their budgets and making good on their own financial commitments….
Accounts Payable, Accounts Receivable, Special Assessments, Tax Filings, Compliance Requirements and so much more are part of proper Condo and HOA Bookkeeping. Failure to handle these functions and accounting properly can cost a community association dearly. Having a volunteer handle these duties may seem like an economical method for getting these chores done but is…
Community Financials is a financial management company that supports homeowner associations and condominium communities nationwide. We have associates all around the country. Our main office is in Boulder, Colorado but recently we added 2 more locations. We already had an Alexandria Virginia location and added a location in Florida and California to help better serve…
From the viewpoint of a homeowner within your association, change can be a scary thing. Whether it’s a change in ownership, a change in association rules, or a change in association management, change can create chaos and disruption. One option is to split the financial management from the physical management. You can hire a manager…
Over the last few months we’ve been busy enhancing our collection procedures. As part of this review and the resulting improved process we have made changes to our prior collection policy sample. The new collection policy changes language that is more generic if you are working with a collection agency or collection attorney. Additionally it…
Ending Your HOA Management Contract As the song says, breaking up can be hard to do. In relationships we’ve now devolved from the face-to-face break up to the phone call break up, the break-up letter, the email break up and finally, the lowest form of break up, the text break up. But things are not quite…
I recently received a question from a prospect that I wanted to answer on this post that relates to the process and timeline for changing accounting services. Whether you are switching from full-management to self-management with support or from another accounting service I hope this helps answer the question regarding the sequence of events for…
More and more Homeowner Associations and Condo Communities are looking for easier online ways to handle elections. Not only is this more convent for busy homeowners it is also needed these days with social distancing compliance. Of course the best part is its easier for the board to administer and cheaper than paper based solutions. …
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
