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…
I served five years as an Army Lieutenant and then Captain from 1995-2000. It was an awesome education – I refer to this experience as my real-world MBA. I learned a lot (from some of the best senior officers and sergeants) that makes me a better person and leader today but wanted to share 3…
You may have heard of the banking term lockbox which refers to a bank-operated mailing address to which homeowners mail their payment checks. The checks are then delivered to a bank payment processing facility. This is a more secure and faster way to deposit physical owner payments. When checks are delivered to the lockbox, they…
One of Community Financials biggest services is to collect homeowner’s association dues payments. About half of these payments are paid online and the other half are paid by check (this varies by community). However, when an owner decides to mail in a payment it takes extra time in the postal service to go from the…
Running an HOA is Scary! Collecting money from neighbors, keeping accurate ledgers, condo and HOA bookkeeping nightmares, paying the bills, tracking and reporting all the receipts, preparing monthly reports, making timely tax payments. Not to mention all that lost time and potential headaches for Board Members. And the scariest thing of all: the opportunity for…
As the COVID-19 pandemic and all of its associated financial uncertainties continue, many condominium and homeowners association Boards are faced with the very real problem of not having enough reliable income from common fees and assessments, forcing them to look to alternative methods of funding their budgets and making good on their own financial commitments….
Accounts Payable, Accounts Receivable, Special Assessments, Tax Filings, Compliance Requirements and so much more are part of proper Condo and HOA Bookkeeping. Failure to handle these functions and accounting properly can cost a community association dearly. Having a volunteer handle these duties may seem like an economical method for getting these chores done but is…
Community Financials is a financial management company that supports homeowner associations and condominium communities nationwide. We have associates all around the country. Our main office is in Boulder, Colorado but recently we added 2 more locations. We already had an Alexandria Virginia location and added a location in Florida and California to help better serve…
From the viewpoint of a homeowner within your association, change can be a scary thing. Whether it’s a change in ownership, a change in association rules, or a change in association management, change can create chaos and disruption. One option is to split the financial management from the physical management. You can hire a manager…
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
