A budget based on factual data can help maintain an HOA community’s health and happiness for years to come.

Not only do late dues impact the community’s ability to make its payments on time, but your financial health could take a hit, too.

The latest data for February 2021 shows that the percentage of homeowners who have paid association dues on time is back up to 92%.

Besides making monthly mortgage payments, condo owners must pay condo fees as well.  This amount covers maintenance costs for common areas in the condo building and it contributes to a rainy day fund. Sounds fair enough, right? Problem is, there’s no benchmark to how much condo fees should cost. In some places, it’s $50 while others […]

When an owner doesn’t pay their dues, the entire HOA has to deal with the consequences. Fees from owners are factored into an association’s budget, and when owners fall behind on payments, the HOA can’t cover all of its expenses. In very rare cases, homes have had to be foreclosed because owners could not meet […]

To manage a strata well, you need efficient processes and procedures in place that staff and residents can follow. With meetings to prepare for, fees to collect, and maintenance issues to fix, you need to be smart about how you spend your time. Completing recurring tasks manually is one easy way to lose valuable time, […]

HOAs cannot operate without revenue. It’s as simple as that. Good accounting is critical to the health and happiness of every HOA development. Managing a multi-million dollar budget is not so simple, however, especially if none of your board members have an accounting background. Accounting can be quite stressful for anyone to navigate, and it’s […]

Good accounting is an important pillar of a happy and healthy condo community. Condos need money to operate. It’s as simple as that. But managing a multi-million dollar budget is not so simple. With multiple revenue sources, short-term and long-term projects, bills, contractors, and more, taking care of a condo’s finances can be one challenging […]

Whether you are developing, selling or purchasing a condo, a pro forma statement can be a vital tool for decision-making, and minimizing risks associated with investing. But in order to be truly useful, pro forma statements must be based on objective and reliable information. This is the only way to create an accurate projection of […]

The numbers don’t lie. Condos and HOAs need numbers to understand essential things like profits and losses, as well as more complex issues such as scheduling maintenance repairs for equipment. Numbers provide boards with concrete facts, and help them make informed decisions for their community. Instead of acting on a hunch, they can act on […]

Don’t believe the rumours. Special assessments aren’t just for condo communities. Any covenanted community can have special assessments imposed; this includes gated communities and HOA-governed communities. Click here to download our special assessment letter template What is a special assessment? Why do homeowners cringe when they hear the words “special assessment?” A special assessment is […]

Accounting is a tedious, but crucial responsibility for condo and HOA property managers. Information is power, and management needs to be deeply familiar with the financial health of their properties in order to plan for the present and the future. If you care for a community, you may have to take on this role yourself, […]

Every successful business is supported by healthy cash flow. Though condominium corporations are considered not-for-profit organizations, they still need to generate revenue to operate well. Someone needs to keep track of profits and expenses to ensure there is enough money coming in to maintain the value of the property and ensure its longevity.    Good […]

Condo buildings are complex and intricate, and they require a reliable source of revenue to maintain the structure, repair systems, keep everything clean, cover emergency or unexpected costs, pay staff, etc. Much of this money comes from owners in the form of condo fees. However, on rare occasions, the corporation or association may be hit […]

Property management companies have their own set of special needs and requirements when it comes to accounting. They may have to process thousands of payments from dozens of different communities, document different invoices from multiple vendors, and let’s not even start on the amount of time it takes to organize and file taxes.It’s a lot […]