When times are good it is easier to increase your dues than when times are tough. Asking people to pay more for dues or common charges when their work hours get cut back or a spouse loses their job is much harder. But what is an association to do in order to keep a balanced…
The Federal Housing Administration (FHA) recently adopted new rules and policies regarding FHA loan approval of condominium units. One of the significant revisions will allow for the approval of certain individual units in non approved condominium projects. The policies become effective October 15, 2019. The new condominium policy is part of a broader objective…
We wanted to let you know about an exciting new resource for HOA and condo boards to learn more about how to better operate their community. We will be recording our discussions with industry leaders in a new video series: “Ask an Expert”. In this video you can watch our Ask an Expert video series…
Yesterday I was a guest presenter on Association Reserve’s Webinar series. The topic: Is Your HOA/ Condo Association Fiscally Responsible? Over the course of 2 sessions yesterday we had some great questions from the audience that I wanted to share. Additionally, at the bottom of this post is a link to watch one of the…
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. But we all know that reality is much more complicated than simple theory. While it is…
Do you notice at your HOA or Condo Community, or a neighboring property, where they seem to switch from full management to self-management and back again? Why does this happen, what are the costs of this change, and how can it be stopped? How do you break the cycle of your HOA or Condo going…
Some communities are self-managed but want a little extra help. Other communities want to divide the monthly accounting from the other duties of a manager either due to competence or for better checks and balances. The solution is to use a manager on an as needed basis. So can your HOA or Condo hire a…
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…
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…
Russell Munz, Founder
Certified Manager of Community Associations (CMCA)
Expert Financial Oversight
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