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…
Does your Homeowners Association (HOA), Property Owners Association, or Condo Community have owners that don’t pay their common charges, dues, or assessments on time? I’ve been in this industry since 2001 and the system we have now is the best. Along with our collection agency partner, Axela, we collect in a way that is fair,…
Many Homeowner Association and Condominium Boards make the mistake of equating doing their bookkeeping by themselves or picking a low-cost bookkeeper with saving money. What if I told you that using an HOA and condominium specialized third-party accounting and bookkeeping firm actually pays for itself? I’m guessing you’d want to learn more. Here’s the proof!…
Have you heard about the new radio station, WIIFM? No, WIIFM isn’t really a radio station. It is an acronym for What’s In It For Me. When it comes to the challenge of accurate financial management and bookkeeping for your condominium association or HOA, it is a question you need to ask yourself. Before you…
At Community Financials, we often find ourselves rooting for the “little guys”. In a world where condominium associations and HOAs can be made up of hundreds or even thousands of units, the majority of condos and HOAs are smaller in stature. Many have 50 units or less comprising the association. Regardless of size, all community…
When a unit owner or HOA member misses a few payments or stops paying common fees and assessments altogether, most HOAs or condo associations turn to an attorney to help them collect. While this process is common and traditional, it is antiquated and further taxes the resource of the association and creates large attorney fees…
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.
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