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 U.S., […]

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.

QuickBooks can help automate and streamline the process of documenting and collecting monthly HOA payments from members.

Not only does QuickBooks offer different pricing packages, but customers have the ability to combine it with software they already use.

Assessment increases are not popular, but they are necessary to maintain property values, facilities, and a good standard of living.  

When you think of an HOA as a business or small town, it becomes easier to understand how many expenses are associated with maintaining it.

Most communities only need strong accounts payable and accounts receivable systems to effectively manage HOA finances. 

Condos/HOAs are encouraged to do a reserve study every 3-5 years so the reserve budget reflects the community’s current financial situation.