QuickBooks is everywhere. Most accountants know it, and most treasurers are familiar with it, and there’s something comforting about not having to learn a new tool from scratch. That familiarity has value. It reduces onboarding friction, minimizes errors, and gives your financial records a level of structure that a spreadsheet never could. In fact, QuickBooks […]

As an HOA board, financial management sits at the heart of everything you do. And I’m not just talking about collecting assessments. I mean the full picture, from building accurate budgets, maintaining a healthy reserve fund, to producing timely financial statements, and keeping yourself accountable to the homeowners who elected you. When this breaks down, […]

As you already know, dues aren’t the whole picture. Yes, monthly or annual assessments are the backbone of your operating budget that fund landscaping, reserve contributions, shared amenity upkeep, and the day-to-day work of keeping a community running. But they’re not the only money moving through your association. There are other streams like special assessments, […]

The HOA industry collectively manages over $90 billion in annual revenue across more than 370,000 community associations in the United States. That’s a mind-blowing amount of money, and yet, 75% of associations are still running their operations on tools like spreadsheets and paper files that haven’t evolved since the 1990s. And the gap between what […]

As a board of a self-managed HOA, collecting monthly assessments is one of your primary responsibilities. Those dues fund everything, from landscaping and snow removal to building repairs and funding reserve funds. For years, the process has been straightforward: residents mail in checks, someone from the board picks them up, deposits them at the bank, […]

Accounting software is used by all types of professionals. While accountants and bookkeepers are generally very comfortable working with this technology, people without an accounting background can use it too. In fact, several HOA staff and managers rely on accounting software to streamline and organize income and expenses, such as bill payments, taxes, payroll, assessments […]

Are you familiar with earnings credits? Sometimes referred to as an earnings credit rate  (ECR) system, earnings credits are sometimes offered by banks to property management companies. While property management companies benefit from these credits, they have also sparked controversy due to the ethical and legal concerns raised between the companies and their clients. Read […]

Maximizing profitability as a condo or HOA portfolio manager is always a top goal. One comprehensive study found that over 90% of property management companies had growth as their #1 priority. Acquiring more clients is one of the main ways property management companies can generate additional revenue; however, companies can also lose good clients if they try […]

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

Densely populated high rise condominiums have always been budget conscious. With so many expenses, it’s not hard to overspend and exceed the annual budget. But this year is different. Reducing costs or finding new ways to generate revenue isn’t just a goal, it’s a necessity for many large condo communities. Costs for services, materials, and […]

Florida has historically been considered an ideal state to purchase a winter home. Not only is it easy to get to, but condominium units were plentiful and very affordable. However, a recent law is making prospective buyers think twice about buying a condo unit in Florida.    Table of contents    The law (SB 4-D), […]

Has it been a challenging year for your condominium community? If you answered yes, you are not alone. The cost of everything, including insurance, utilities and staff, is up, and condo owners are feeling the pressure. The bad news is that costs aren’t decreasing any time soon. The good news is that more stability is […]

Would it surprise you to learn that some condominiums are using as much as 35% of their total annual budget on administrative costs? While every condo community is unique, it doesn’t hurt to benchmark your expenses against similar buildings to see where your building’s budgeting strengths and weaknesses lie. Everything is more expensive today than […]

Most of us can successfully keep track of our personal finances, but it’s not something we get excited about. Now imagine trying to document income and expenses for a multi-million-dollar association. If you have served or currently act as an HOA board member, you have a first-hand account of what it’s like to maintain financial […]

It can be an uncomfortable subject, but death is one of the few certainties in life. However, the irony is that this somber event can occur suddenly and unexpectedly.  When a loved one passes, family members are sometimes left scrambling to tie up loose ends on behalf of the newly deceased individual. That may even […]