Resources

The Best Way to Collect Delinquent Owner Assessments at HOAs and Condos in 2021

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...

Expert Financial Management Services for your HOA or Condo Pays for Itself

Many Homeowner Association and Condominium Boards make the mistake of equating doing their bookkeeping by themselves or picking a low-cost bookkeeper with saving money. What if I told you that using an HOA and condominium specialized third-party accounting and...

Outsourced HOA & Condo Financial Management: What’s In It For You?

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...

Full Management is not Cost Effective for Condo Associations and HOAs with Less than 50 Units

At Community Financials, we often find ourselves rooting for the “little guys”. In a world where condominium associations and HOAs can be made up of hundreds or even thousands of units, the majority of condos and HOAs are smaller in stature. Many have 50 units or less...

Collecting Delinquent Common Fees and Assessments Without the Cost of an Attorney

When a unit owner or HOA member misses a few payments or stops paying common fees and assessments altogether, most HOAs or condo associations turn to an attorney to help them collect. While this process is common and traditional, it is antiquated and further taxes the...

3 of the Valuable Life/ Business Lessons I Learned as an Army Officer

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...

What is a Lockbox in the Property Management Industry?

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...

Community Financials Adds an East Coast Check Processing Location

One of Community Financials biggest services is to collect homeowner’s association dues payments. About half of these payments are paid online and the other half are paid by check (this varies by community). However, when an owner decides to mail in a payment it...

Running Your Condominium or HOA without Community Financials is Scary!

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...

Consider an HOA Line of Credit to Help Smooth Cash Flow During the COVID-19 Pandemic

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...

Using a Volunteer Condo and HOA Bookkeeper Can Be a Costly Mistake

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...

Community Financials Opens Locations In Florida and California

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...