A smoothly run homeowners association proactively plans and tracks financial transactions. By not having proper systems in place or not having someone vigilantly keeping track of records, things can go south really fast. Here are some tips to protect your association’s money and improve overall HOA financial stability. The Keys to HOA Financial Stability…
The ideal bank for a community association is not necessarily the same one you would use for your personal savings. Knowing what to look for in a bank for an HOA, however, can make such a huge difference in the ease of your HOA finances. In this guide, we’ll take a look at how to…
Seasoned board members agree that knowing your association’s finances is essential for making good decisions for the HOA. But, an HOA’s finances are only as good as the system it follows. As such, every association must have a strong HOA financial system as a foundation. Have an Effective HOA Financial System in Place Keeping…
Having the finances well-organized in your community association is essential to maintain a great reputation amongst current and future residents. Many HOAs are not responsible with their finances, which causes them to not operate at their maximum potential. If you want to avoid money problems down the road, consider these financial tips for an HOA.…
A homeowners association budget is essential for the success of your community, but HOA budget planning isn’t easy. You need to organize your finances to cover all maintenance costs, capital improvement projects, and other community expenses. A proper community association budget keeps property values high and ensures the well-being of your residents. Here are important…
HOA special assessments can be a source of friction between the board and community members. What is a special assessment, and how does HOA special assessment rules affect residents? Can an association just call for an HOA assessment or a condo assessment in the case of high-rise communities? Let’s take a look at why HOAs…
Many homeowners associations are still using traditional check payment methods. Not only does this take up a lot of time and slow down your cash flow, but it can also cause inconvenience to your residents. With the advent of new technologies such as the internet, you can easily start collecting HOA fees online. While integrating…
Managing an association can be a time-consuming job, especially without HOA financial management services. When all the members of the board of directors are volunteers with full-time jobs, families, and social lives, taking care of the many aspects of property management can be difficult. HOA Financial Management Services for the Self-Managed Community An HOA…
Hiring an HOA financial manager is a crucial decision for any community association. The financial manager for an HOA does more than just accounting and banking. They provide expert financial management, just like most professionals in that area. More importantly, they specialize in HOA fiscal management, which makes them extra valuable for an HOA board.…
Whether you are aware of them or not, HOA bank statements are a necessary tool in assessing the financial health of your organization. But, for many people, understanding bank statements is an uphill battle. Here is everything you need to know about HOA bank statements. What Are HOA Bank Statements? HOA bank statements, also…