Effective HOA financial management is crucial for the stability and growth of any community association. Properly managing your HOA’s finances ensures that resources are allocated efficiently, reserves are adequately funded, and all financial obligations are met in a timely manner.
Here, you’ll find expert articles, tips, and insights on budgeting, financial reporting, reserve studies, and much more. Whether you’re a board member looking to enhance your financial skills or a community manager seeking best practices, our blog posts cover a wide range of topics to help you navigate the complexities of HOA financial management.
Stay informed and empowered with the latest insights on creating effective budgets, maintaining accurate financial records, and planning for your community’s long-term needs. Explore our collection of articles to learn how to navigate the complexities of HOA financial management and keep your association financially sound.
As Board Members of Homeowner Associations (HOAs) and Condominiums, you’re constantly navigating financial complexities. A frequent question is whether a revolving line of credit (LOC) is a sound strategy. While seemingly flexible, LOCs can pose risks to your association’s long-term financial health. Let’s explore why and discuss more prudent alternatives. The appeal of a LOC…
Managing insurance costs is becoming more challenging for community associations. To help you navigate these waters, we’ve put together a guide based on insights shared by insurance expert Dave Pilon, CPA, CFA, CIRMS, at a recent Community Association Institute (CT Chapter) Symposium. This guide covers key strategies for budgeting for HOA and condo insurance in…
Small HOAs, Big Financial Responsibilities A small homeowners association (HOA) may oversee just a handful of homes or a small condo complex, but its financial responsibilities are just as important as those of a larger association. While “small” can mean different things to different communities, it generally refers to HOAs and Condo Associations with anywhere…
The start of a new year is a time for reflection on what went well and what didn’t go so well in the prior year. Whether you call them resolutions or goals what can you do to take steps to improve your community or your time spent on the Board? Let’s take a look at…
Keeping Your HOA Management Fees Low Many condominium and Homeowners Associations, especially those accounting for large associations, are unnecessarily financially burdened by having onsite staff for accounting and management work that is ideally suited for outsourcing to a third party. Everything from maintaining the day to day ledgers to fielding service calls from residents is…
Managing Operating Account Finances We frequently are asked about how much money is recommended to keep in a HOA or Condo operating bank account. The answer varies as each HOA is unique (different sizes, different structures and amenities) and so has different financial needs. However, there are some rules of thumb and principles to keep…
Year-end is fast approaching and you want to make sure your HOA or Condo is on track with its accounting needs. Jot down these year-end accounting preparation tips and key dates for your HOA & Condo so you have the best experience.
This is the time of year when many Boards are working on their 2023 budget. The new year will likely see many communities raising their fees to keep pace with rising costs due to inflation. As a result, we’ll also likely see communities looking at ways to save money by doing more things themselves rather…
Are you a new member on your HOA Board, working on figuring out the in’s and out’s of your Board duties? Or are you a seasoned HOA leadership veteran who would like to learn more about a new reporting system your HOA has implemented? Most importantly, are you looking to become a pro at reading…
Russell Munz, Founder
Certified Manager of Community Associations (CMCA)
Expert Financial Oversight
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