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…
Looking to learn more about being a board member at your community? Or do you want to improve how your HOA or Condo operates? Good news there is a new podcast for HOA & Condo Board members. I love podcasts as a great way to learn something new or go deeper into a topic I…
Keeping Your HOA Management Fees Low Many condominium and Homeowners Associations, especially those accounting for large associations, are unnecessarily financially burdened by having onsite staff for accounting and management work that is ideally suited for outsourcing to a third party. Everything from maintaining the day to day ledgers to fielding service calls from residents is…
Managing Operating Account Finances We frequently are asked about how much money is recommended to keep in a HOA or Condo operating bank account. The answer varies as each HOA is unique (different sizes, different structures and amenities) and so has different financial needs. However, there are some rules of thumb and principles to keep…
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