Have you ever come across a story about theft at an HOA or Condo community? Ever think that it couldn’t happen at your community? Maybe it couldn’t but there is an outside chance that it could. Maybe not with the current board but a future board? If you want to learn how to stop theft…
So your HOA or condo community already is or is going to become self-managed but you want some software to help make it easier. Before shopping for, buying and training on software we wanted to give you an overview of self-managed HOA software and self-managed condo software options. Tier 1: Spreadsheets …
Homeowners Associations (HOAs) and condo communities use accounting services. However accounting service is a broad term and can mean different things to different people. In this post we are going to explain the various accounting services for HOAs and Condo Communities. FINANCIAL MANAGEMENT / BOOKKEEPING On a weekly and monthly basis HOAs and condos require…
Getting a loan to buy a home or condo is a real chore. Now think how difficult it is to get multiple bids for loans for a community to do a capital project? Need a new roof, new windows, new siding, new boiler, or new paving? As the community gets older its components reach the…
I’ve talked to many community board members that are interested in self-management but have doubts it will work for them. There are clear benefits but who will do all the work? A major theme we hear is the desire to self-manage your HOA or Condo but will volunteers do the work? The primary benefit is…
In our continuing education class “Financial Best Practices for Homeowner Associations and Condo Communities” we recommend managers and board members close old bank accounts. In this post we are going to discuss why you should close your old HOA and condo bank accounts. Reason #1 – More Work More bank accounts means more accounts to…
Doing payroll is straightforward and easy right? Not really. Many communities and management companies get tripped up by payroll. Don’t be ashamed I know a lot of accounting companies that outsource payroll to experts as well. This post discusses how to reduce risk: outsource your HOA or condo community payroll. Risk #1: Fraud From studying…
I taught a class on Financial Best Practices to 80 Community Association Managers and Board Members earlier this month. A Board Member said you know what would be great is if we could get notifications of debit card ATM withdrawals or purchases. I said you are right that is an awesome way to prevent fraud…
We want to thank all of the attendees of the Community Association Institute Rocky Mountain Chapter’s 2019 Spring Trade show and Conference that participated in our class Friday March 15th in Denver, CO. 80 Managers and Board Members learned about HOA and Condo financial best practices by Community Financials. The class started by reviewing three…
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