Close Your Old HOA and Condo Bank Accounts

Close Your Old HOA and Condo Bank Accounts

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…

Reduce Risk: Outsource Your HOA or Condo Community Payroll

Reduce Risk: Outsource Your HOA or Condo Community Payroll

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…

Community Financials is Now Licensed in Colorado

Community Financials is Now Licensed in Colorado

Colorado’s Community Association Manager Licensing (CAM) Law is scheduled to “sunset” on June 30th, 2019.  However, there is a Bill in the Legislature that is expected to provide a continuation of licensing for CAMs.  As some of the activities we perform for HOAs and Condo Communities are deemed activities of a Community Association Manager to…

Condo and HOA Debit and Credit Card Fraud Case Studies

Many associations use credit cards or debit cards for handling some expense items.  We don’t agree with this practice as it can lead to abuses and fraud.  With good planing and budgeting an association should be able to do with out these payment methods.  We wanted to take a look at Condo and HOA Debit…