See How Your HOA or Condo Dues Compare to the Average in Your State
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See How Your HOA or Condo Dues Compare to the Average in Your State

Community association boards and property managers understand how crucial it is to set fair and sustainable condominium assessments. However, knowing whether your assessments align with the market or need adjustment can be challenging. Thankfully, the Foundation for Community Association Research has developed an invaluable tool to assist you in comparing your condo dues to those…

Corporate Transparency Act Update: What HOA and Condo Boards Need to do before Jan 1, 2025
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Corporate Transparency Act Update: What HOA and Condo Boards Need to do before Jan 1, 2025

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…

Streamlining Parking Management for HOA and Condo Communities

Streamlining Parking Management for HOA and Condo Communities

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…

Does a Two-Column Balance Sheet for HOAs and Condos Simplify Reporting?

Does a Two-Column Balance Sheet for HOAs and Condos Simplify Reporting?

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…

Insulate Your HOA and Condo Accounting from Interruptions from Staff or Natural Disasters
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Insulate Your HOA and Condo Accounting from Interruptions from Staff or Natural Disasters

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…

Year-End Budgeting Tips and Timeline for HOAs and Condos

Year-End Budgeting Tips and Timeline for HOAs and Condos

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…

Florida House Bill 1203: HOAs Must Provide Online Access to Community Information Coming to Your State?

Florida House Bill 1203: HOAs Must Provide Online Access to Community Information Coming to Your State?

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,…

What NOT to Do When Contacting Delinquent Owners in Your HOA or Condo

What NOT to Do When Contacting Delinquent Owners in Your HOA or Condo

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…

CAI Board of Trustees Approves Legal Action Against Corporate Transparency Act

CAI Board of Trustees Approves Legal Action Against Corporate Transparency Act

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…