On October 11, the Alexandria District Court held a preliminary injunction hearing in Community Associations Institute (CAI) v. U.S. Department of Treasury, a pivotal case challenging the Corporate Transparency Act (CTA). CAI has been fighting to protect community associations from the burdensome requirements imposed by the act. A crucial update came on October 24 when…

At Community Financials, we occasionally investigate services that may benefit community boards and property managers, helping them operate their communities more efficiently. One noteworthy solution is Wayleadr Home, which simplifies parking management for any property including HOA and condo communities. Optimize Your Parking Allocation Wayleadr Home’s standout feature is its ability to create a customized…

Community Financials has introduced a two-column Balance Sheet format that separates Operating and Reserve Funds, providing a clearer picture of the financial position for homeowners’ associations (HOAs) and condominiums. This blog explores how this new format differs from a traditional Balance Sheet, how to read it, and why it simplifies understanding for board members. How…

In the fast-paced world of Homeowners Associations (HOAs) and condominium operations, consistency and reliability in accounting are essential. Interruptions can arise from various factors, including staff illnesses, vacations, or unexpected natural disasters. Implementing strategic measures is crucial to protect your accounting processes and ensure smooth operations. The Danger of Limited Staffing One significant pitfall many…

As we approach the end of the year, many communities are gearing up for the budget season, especially those with fiscal years aligned with the calendar year. With the new fiscal year starting January 1st, it’s crucial to adjust budgets to ensure that they cover rising expenses, upcoming projects, and reserve funding. Understanding the Importance…

Starting January 1, 2025, Florida’s Homeowners Associations (HOAs) will face new requirements regarding online access to community information, thanks to the recently signed House Bill 1203. This legislation aims to enhance transparency and accessibility for homeowners by mandating online portals where residents can access essential documents and information. Your community may not be in Florida,…

Communication with delinquent homeowners in a homeowners association (HOA) or condominium association is crucial for maintaining financial stability and ensuring community upkeep. Navigating this process requires sensitivity and strict adherence to legal guidelines. Here, we will explore common mistakes to avoid when contacting delinquent owners, emphasizing the importance of compliance with regulations and fostering positive…

Community Financials, a Business Partner member of Community Associations Institute, is pleased to share the latest information with our network. In June 2024, the Community Associations Institute Board of Trustees voted to file a lawsuit seeking an exemption for community associations from the burdensome provisions of the Corporate Transparency Act. This action further underscores the…

We’re thrilled to announce a special upcoming event you won’t want to miss. Tune in live on July 8th at 3pm PT for an engaging episode of the HOA Insights Podcast, a podcast focused on educating HOA and Condo Board members. As part of Community Financials’ core values of We Listen, We Solve Problems, and…

QuickBooks Desktop Bows Out – HOAs, Time to Upgrade! Intuit has announced a significant shift in the accounting software landscape with the discontinuation of QuickBooks Desktop, setting July 31, 2024, as the deadline for final purchases. This pivotal change impacts numerous businesses and HOA communities that have relied on QuickBooks Desktop for their financial tracking…

Why Are Homeowners Charged a Fee to Make an Online Payment to their HOA and Condo And Is there a Way Around It?  Many management companies charge a $1 or $2 fee each time a homeowner makes an online payment.  This fee charged by payment processing companies, and marked up by management or software companies,…

There is a new development regarding the Corporate Transparency Act.  A Federal court ruled the Corporate Transparency Act is unconstitutional. See below from the Community Associations Institute (CAI): Resources:CAI Corporate Transparency Act ResourcesCall to Action = Contact your Senator TodayFederal Court RulingNational Small Business Association Announcement Forbes Article For the time being compliance with the CTA…

One of the most widely used property management and accounting software for HOAs and Condo Associations to date has been Tops Pro. This software is being discontinued, and will not be supported past the end of 2024. If your community is currently using this software, what does Tops Pro and IQ discontinuing by the end…

Looking to learn more about being a Board Member at your community?  Podcasts are a great way to learn about topics.  I recently was a guest on a podcast for HOA & Condo Board Members on detecting and preventing fraud. The Podcast is called HOA Insights: Common Senese for Common Areas and the host of…

As of January 1, 2024 the Financial Crimes Enforcement Network (FinCEN) will require most legal entities, domestic or foreign, to report their Beneficial Ownership Information (BOI). How will this impact HOAs and Condominium communities? Do HOAs and Condo Communities have to comply with new 2024 FinCEN regulations? What is the Corporate Transparency Act About? The…

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…

When talking with Boards looking to make a change in how they operate their community I am often asked questions related to changes that will occur.  The most frequently asked questions are do we need to change our software or bank and why? Homeowners Associations (HOAs) and Condominiums may need to change systems, including accounting…

We want to share an awesome resource to figure out the collection laws for HOAs and Condos in all 50 states.  Our friends at Axela have a digest of all the requirements since regulations governing Homeowner Associations and Condominium Communities vary greatly from state to state. From Axela: “Debt collection done wrong is a very…

Preparing for a year-end audit for a homeowners association involves careful organization, documentation, and attention to detail. Here are some steps you can follow to ensure a smooth audit process: Step 1 Organize Financial Records Gather all financial records for the year, including receipts, invoices, bank statements, and ledgers. Ensure all transactions are accurately recorded…

We wanted to share an excellent resource with you which will help you to figure out the reserve requirements for HOAs and Condos in each state. Our friends at the Community Associations Institute (CAI) have a digest of all the requirements since regulations governing Homeowner Associations and Condominium Communities vary greatly from state to state. What are…