I often say that the Best Practices are born from learning that results from the worst practices. This holds true for community associations as well. If you are a Board Member, Community Association Manager, or concerned owner you may be interested in keeping your community in sound financial shape and out of trouble. I recently…
In life, timing is everything! Never truer than when determining how to set up your condominium association or HOA accounting program. Knowing how and why to set up your association’s accounting methodology is critical to your association’s overall financial planning and reporting. This article will explore the differences between Cash Basis accounting, Accrual accounting, and…
The Intuit Corporation has sold a lot of copies of QuickBooks over the years. It is an affordable and practical choice for many small businesses. However, condominiums and homeowners’ associations have far more sophisticated bookkeeping and accounting needs than QuickBooks can offer. This article will explore a few of those shortcomings and offer a better…
You know the drill. Every year, Boards of HOAs, condominium associations, cooperatives, and other common interest communities review their previous year’s budget and make their best guess at what the upcoming year will bring. For better or for worse, the decisions made at budget time impact the association’s operations throughout the upcoming year. Set aside…
If you have ever been faced with the decision on whether or not to foreclose on a home or unit based on the home or unit owner’s default on making payments to the association as required by the association’s governance document, you know it can be challenging to say the least. Using your “gut feel”…
If your Homeowner or Condo Association wants a public website with features like reserving amenities ComWeb’s Website is an interesting option. The website will integrate with both our Tops One and Caliber software systems. ComWeb also offers Web Master services to help associations make updates to the website as well./ If you are interested to…
Who says “Bigger” is “Better”? When it comes to large scale community associations like Master Planned Communities (MPCs), Master Associations with Multiple Sub-Associations, Property Owners Associations (POAs), and even larger Homeowners Associations (HOAs), Condominiums, and Planned Unit Developments (PUDs), “Bigger” can be “Better” but only if serious consideration is given to the all-important tasks of record-keeping, bookkeeping,…
Condominium associations and HOAs often amass sizeable amounts of cash in their Reserve Funds. The Board is charged with safeguarding those assets and investing only in conservative vehicles. The Certificate of Deposit, better known as a CD, has long been the instrument of choice for investing association funds. The interest on the money is desirable…
If you missed it we had an information-packed webinar on Fiscal Responsibility and Best Practices a few weeks ago on May 12, 2021. We received a lot of great questions from the audience that I wanted to share with you as I thought would help answer your questions that may be similar. Q: Is “owner equity”…
Russell Munz, Founder
Certified Manager of Community Associations (CMCA)
Expert Financial Oversight
Experience the difference with our professional financial services designed specifically for HOAs and condo associations. Simplify your finances with our expert support.
Need to change an existing consultation? Email info@communityfinancials.com
