Managing AP is a lot of work. But it doesn’t have to be so cumbersome. If you feel like you’re drowning in AP paperwork, get rid of the paper!
In order to ensure money is used responsibly, associations create and follow purchasing policies to guide boards, managers, and other staff.
Balance sheets use information from the general ledger to show how much money the association is bringing in and how much is going out.
Good or bad, board members need to know what their numbers look like so they can plan for the year ahead and make necessary adjustments.
A treasurer’s report captures an HOA’s expenses and revenue for a certain time period. Reports may be presented monthly, or less frequently.
An HOA or condo association budget is primarily made up of two sections; an operating section and a reserve section as required by law.
An HOA statement is a document that details the outstanding charges that an owner must pay. Download our HOA statement template.
Learn more about reserve fund studies, how they help associations pay for future repairs and refurbishments, and download our template.
There are many benefits and conveniences to using electronic payments for condo fees and HOA dues.
While HOAs do not operate with the intention of profiting, they must make smart financial choices in order to succeed.
A budget based on factual data can help maintain an HOA community’s health and happiness for years to come.
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 […]
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 […]