An introduction to HOA accounts receivable
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.
Answers to common questions about HOA treasurer reports
A treasurer’s report captures an HOA’s expenses and revenue for a certain time period. Reports may be presented monthly, or less frequently.
Annual budget guide for condo and homeowners associations
An HOA or condo association budget is primarily made up of two sections; an operating section and a reserve section as required by law.
HOA statements: 5 things to know
An HOA statement is a document that details the outstanding charges that an owner must pay. Download our HOA statement template.
5 reasons why condos and HOAs are moving to online payments
There are many benefits and conveniences to using electronic payments for condo fees and HOA dues.
Best practices for HOA accounting
While HOAs do not operate with the intention of profiting, they must make smart financial choices in order to succeed.
Six tips for effectively managing your HOA’s budget
A budget based on factual data can help maintain an HOA community’s health and happiness for years to come.
Despite pandemic, most condos and HOAs are currently in good financial standing
The latest data for February 2021 shows that the percentage of homeowners who have paid association dues on time is back up to 92%.
Average cost of condo fees and how to reduce it
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 […]
Who is responsible for HOA dues after foreclosure?
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 […]
Accounting for HOAs
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 […]
Accounting for condos
covid-19 resources Request a Demo 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 […]
4 ways to use Tableau to improve condo/HOA operations
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 […]
How to write an assessment letter for HOA members
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 […]
Using QuickBooks for condominiums
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 […]
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