Resources

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...

Managing Change within Your HOA or Condo Association Has Advantages

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...

Community Financials’ Increased Insurance Coverage Equals Increased Peace of Mind for your HOA or Condo Community

Community Financials proudly announces increased insurance coverage. This investment has been made to safeguard funds for increased peace of mind for all Community Financials clients. The new crime insurance is a fidelity bond for concerned clients of Community...

Enhanced Collections for Homeowners Associations HOAs and Condo Communities

Community Financials is happy to announce a powerful new partnership for clients. We have enhanced our collections program ("Easy Collect") with our new collection partner Axela Technologies, a national company based in Florida. After Community Financials' sends out...

Updated Example Collection Policy for HOAs and Condo Communities

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...