Frequently Asked Questions
Can Community Financials help with onboarding for my HOA or Condo association?
Yes, we have an Onboarding Coordinator to make the transition easy and to ensure that your community is set up in our systems within 30 days.
Do you charge an onboarding fee to the HOA board?
No, Community Financials doesn’t charge an onboarding fee. We aim to simplify the process of switching over from a system that has not been working for you, so that your HOA or Condo Association can start saving time and money with Community Financials.
Do you have an online portal for homeowners?
Yes, Community Financials has an online portal where HOA or Condo owners can see their account balance, make payments, view select community documents, update contact info, and more.
Is there a smartphone app available through Community Financials?
Yes, we have a smartphone app with the same functionality as the online portal. Making it easy to access critical data for your HOA at home or on the go is just one of the advantages of working with Community Financials.
Is there a charge for the portal or app?
No, the portal and app are included at no extra charge with Community Financials services.
How can homeowners make payments?
Homeowners can pay online by e-check or credit card, or mail a check to the bank. Simplifying the payment process helps increase compliance and avoid homeowner delinquencies.
Is there a fee for online or mailed payments?
No, Community Financials does not charge a fee for either type of payment.
Does Community Financials send payment reminders to owners?
Yes, we send email reminders by default, but if we do not have an email or the homeowner prefers (and approved by the Board) we will send a paper statement or coupon book instead for an additional charge.
How can the Board approve vendor bills?
HOA Board members can review and digitally sign off on vendor invoices through Community Financials’ online approval process.
How do you speed up paying vendors for my HOA or Condo association?
Community Financials processes vendor payments daily and vendors can email their invoices and be paid by ACH to sidestep mail delays.
Is there a fee for making vendor payments for HOA work performed?
No, there is no fee for check or ACH vendor payments through Community Financials’ online approval system.
Can the Board communicate with homeowners through the Community Financials software?
Yes, the HOA Board can email, text, or voice broadcast messages and create custom tags to segment owner types.
Does your software handle maintenance, violations, and ARC requests for HOA or Condo associations?
Yes, the software used by Community Financials can handle maintenance tracking, violations, and ARC requests for HOA or Condo associations.
Can I see a demo of the HOA software?
Yes, Community Financials includes demo video links in the information provided when you request a quote.
What is the term of the Community Financials service agreement?
The Community Financials service agreement is for 1 year.
Is it better to self-manage an HOA or hire a management company?
Both approaches have their advantages and disadvantages, and the best choice for your community will depend on the specific needs, goals, and resources of the HOA. To get the best of both worlds we recommend a balance of self-managing with the support of Community Financials tools and resources.
How do I prevent embezzlement at my HOA?
To prevent theft from happening your community can take the following precautions:
1) get bank statements with your financial reports
2) get viewing access to association bank accounts online
3) receive financial reports monthly and make sure they include a bank reconciliation report that proves the money in the bank reflects what is on your reports
4) use a system where 2 board members have to approve bills prior to payment and there is an audit trail.
All of the recommended procedures and systems are best practices and are included in Community Financials’ monthly accounting and bookkeeping services.
What is the best bookkeeping option for small, simple or HOAs on a budget?
In our experience for smaller, simpler condominiums, HOAs, and POAs a combination of self-management and the use of a support system like Community Financials is the ideal solution. Our firm can take care of 60% of the workload, which results in significant cost savings compared to full property management.
How do I terminate an HOA management company contract?
To end your current service agreement, locate the termination paragraph in your agreement. This paragraph usually states the conditions for termination, including:
a) Terminating the agreement with 60-90 days written notice for any reason, or
b) Ending the agreement immediately due to a reason such as negligence.
If your contract term has ended and there is no automatic renewal clause, you are on a month-to-month term and can give 30 days’ notice.
Be sure to thoroughly read the termination paragraph, as it may specify that notice must be given via certified mail. In such cases, some boards opt to send a termination notice via email, indicating that a formal, mailed notice will follow.
Can we hire you to do our accounting and keep our property manager for help?
Yes, we work with larger and more complicated HOAs, POAs and condominiums that have either an onsite manager or a part time manager that helps the board with the physical community and we handle the systems and accounting.