The most commonly known types of community associations are Homeowner’s Associations (HOAs) and Condominium Owners Associations (COAs). But those major classifications are only the tip of the iceberg when it comes to other names and types of associations. Community Financials offers financial management for many other types of common associations. Here are a few more…
Embezzlement. Payroll. Accounts Payable. Delinquencies. Operating vs Reserves. These just a few of the financial challenges boards and managers face twelve times a year. It is so simple to say “assessments should offset expenses” in running a community association. But we all know that reality is much more complicated than theory, especially here in 2021…
When associations talk about making good financial investments, they are often referring to the best rate they can get on CD or other banking products. Community Financials thinks a far more important financial investment a community can make is in itself and its own financial management. Like all good investments, there are significant returns. These…
The greater number of ways an owner can pay your community dues the better. More and more communities are working with a financial /property management company to provide online payments in addition to payment by check. When it comes to online payments there are a few choices. For HOA and Condo Online Payment Options: What…
A homeowner in your self-managed condominium has just requested a resale package and wants to close next week. The Association Treasurer just left for a two-week honeymoon. The Association President steps in and makes a copy of his own document package he received when he bought his unit 5 years ago and offers it to…
HOA and Condo Association Loans Explained There are times when a condominium association or HOA absolutely needs more money than what is readily available in the association’s bank account. Unexpected losses, inadequate Reserve Funds, lawsuits, and more can lead an association to seek additional funds. If a Special Assessment seems unlikely, and HOA loan or…
The Difference Between an HOA Audit and HOA Review The decision to conduct a financial review or audit can be difficult for many common interest communities. The expense, effort, and length of time all play a role in the decision. For most condominium associations and HOAs, financial reviews are fairly inexpensive, are performed more frequently,…
Why is Form 1099 So Important? Your condo or HOA hired a lot of vendors and made plenty of disbursements this past year. These vendors were not employees of the association, yet were paid substantial sums of money over the course of the year for the goods and services they provided. The IRS requires that…
The annual tax return is a confusing topic for many HOAs and condominium associations. State and federal statutes require all associations to file tax returns every year. But that doesn’t mean that all do and that creates a risky situation for any association that doesn’t file. Let’s take a look at the rules, risks, and…
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
