Condo and HOA communities are non-profit organizations, meaning almost all of their revenue comes from owner assessments or dues. Associations need owners to make their payments on time. Otherwise, they may be forced to increase assessments, levy a special assessment, reduce services, or take out a loan.   Download our free collection policy template     […]

What if your condominium’s insurance premium increased from $400,000 to $3.3 million in one year? That’s what happened to the Peninsula at Hawaii Kai. The Hawaii community, consisting of 630 single and multifamily apartment homes and condominiums, was shocked, to say the least.     Table of contents     Sadly, this type of increase is not […]

2024 has not delivered much financial relief. Money continues to be tight and everyone is feeling the pinch. Naturally, organizations are looking for new and creative ways to save or generate money, and governed communities are no different. Condo and HOA members may be considering wealth-building initiatives including charging for visitor parking, upgrading to more […]

Did you know that your HOA might be eligible for a grant? Unlike loans, recipients do not have to pay back grant money.

Some HOAs still manually manage finances for their reserve fund. Tediously entering numbers into their excel sheets and trying to reconcile tens of thousands of dollars to produce an accurate reserve fund report. It’s a dated approach to a continually evolving financial HOA environment. Did you know in the USA, HOA reserves have totaled over […]

A reserve fund is like a nest-egg for associations. Every HOA needs ones for unexpected events and major expenses. The money invested in this fund comes from owners’ monthly fees, which are split between the operating budget and the reserve fund. The money put into the reserve fund accumulates over time so that when the […]

The Homeowners Association (HOA) reserve fund is often seen as a safety cushion to be used for unforeseen expenses that arise for major repairs, capital improvements and maintenance in shared community areas, however, this fund has untapped investment potential. With the average HOA fee per homeowner being $200-$300/month multiplied by 365,000  HOA communities in the […]

Keeping HOA reserve funds strong is a must for the longevity of shared community living. Therefore, the HOA reserve fund is a lifeline that ensures the community’s well-being in the face of unforeseen challenges.   HOAs are stewards of billions of dollars. In fact, reserve funds used for repair, replacement and enhancement of common property totaled […]

Financially secure homeowner associations (HOAs) don’t just happen.  When HOAs are financially secure it’s because HOA board members apply sound financial judgement to reserve fund management using the tools and information available to them.    It’s easy for reserve funds to dip down when rising costs for materials, maintenance, and even legal costs are an ever-imposing […]

Homeowners Associations (HOAs) are held accountable not only by the wants and needs of its community members, but are also governed by statutes:  Additionally, HOAs have their own covenants, conditions, and restrictions (CC&Rs) they must abide by.  Because HOAs are responsible for so many things ranging from financial management to repairs and upkeep and beyond, […]

Are you on the HOA community board, ready to champion the cause of maintaining reserve funds? It’s a noble task, but let’s be honest—it’s no walk in the park. It takes commitment and a set of best practices to guarantee the long-term sustainability of your HOA reserve funds, especially when the unexpected comes knocking.  Join […]

Accounting gets easier with practice, but without good systems in place, and a bit of help from software, it will always feel like a chore.

A competent financial committee can be instrumental in providing clear financial oversight to a board of directors.

When it comes to condo finances, the fewer mistakes you make, the better. Read about these money mistakes now to avoid making them later on.

While we can’t eliminate this responsibility for you, we can suggest some ways to simplify your accounts receivable workflow.