Resources

HOA and Condo Online Payment Options: What is the difference between a Recurring Payment, a Variable Auto-Payment or Bank Bill Payment?

The greater number of ways an owner can pay your community dues the better. More and more communities are working with a financial /property management company to provide online payments in addition to payment by check. When it comes to online payments there are a...

HOA and Condo Resale, Escrow and Lender Documents: The Good, The Bad, and The Risky!

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...

What Do Banks Look for When Lending to Condominium Associations and HOAs?

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...

Auditing Requirements for Condominium Association and HOAs

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,...

The Use of Form 1099-MISC and 1099-NEC for HOAs and Condos Explained

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...

Tax Returns for HOAs and Condos Explained

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...

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...