7 Tips to Improve HOA Financial Stability

7 Tips to Improve HOA Financial Stability

If 2020 was the year of crisis management and pandemic survival, then 2021 should be the year for applying the lessons learned and improving HOA and community association financial stability. A financially stable HOA is not only better prepared for an unforeseen situation, but is also set up to meet goals, address maintenance needs, and [...]

Best Practices from 20 Years in Business

When it comes to your community association’s financials, simply assembling monthly reports in time for the board meeting shouldn’t be your ultimate goal. Community boards and property managers should always be striving for financial results and ratios that are the best of the best.  Through the past 20 years of working with community associations, we’ve [...]

Understanding Your HOA’s Finances

Anytime there’s a change in management and someone new steps into a board position, becoming familiar with the documents and legal processes that come with your HOA’s finances needs to be understood. The principles that guide your finances can be applied to the community, as in don’t spend more money than you have. But there’s [...]

Best Practices for Managing HOA Finances

Managing your own finances can be a stressful issue. That feeling can get multiplied when you’re managing a business funded by tens or even hundreds of homeowners. Working with HOAs and community associations throughout Georgia, we’ve seen our share of stressful HOA situations. But we’ve also seen what successful managers do to stay on top [...]

Exposed! True Tales of HOA Audit Trouble

We conduct a lot of HOA and community association audits and related financial procedures each year. The vast majority uncover nothing more than a few easily corrected mistakes or minor procedural errors – a testament to sound financial oversight by boards and property managers. Every once in a while, we’ll uncover a serious problem, including [...]

Back to Business – Financial Management for the New Normal

When the coronavirus pandemic first hit, HOA boards and property managers quickly adjusted procedures to keep their associations running as efficiently as possible. Meetings went virtual, maintenance focused more on cleaning and sterilization, and new or temporary policies were set to handle homeowner safety and financial issues. But as the pandemic hits the one-year anniversary, [...]

Five Financial Tips for New HOA Board Members

Congratulations, you’ve been elected to your community association or HOA board! As a board member, you have a fiduciary duty to use sound business judgment in your role. That means you need to think like a business owner and not just a committee member – and that includes understanding the HOA’s financials. As a new [...]

HOA Financial Management in the New Normal

2021 adjustments to consider in order to maintain the financial health of your community The direct and indirect impacts of the COVID-19 pandemic will be with us for a while. Careers have been interrupted, we’ve actually gotten used to working from home, and travel – business and vacation – has been severely limited. On the [...]

Six HOA Financial Mistakes to Avoid

In pandemic times like these, it’s always a good idea to revisit the basics and ensure your HOA financial practices are in order. Through the years, we have looked at a number of HOA financial mistakes and provided advice on how to fix as well as prevent these regretful blunders. Here are our top six [...]

2nd Edition: HOA Audit Tales of Terror

Halloween is around the corner and along with scary clowns and vampires come HOA Audit Tales of Terror from your BJM team. The word “audit” alone can be scary and bring up fears of long hunts for missing receipts or accusations about erroneous accounting treatment. In reality, most audits confirm sound fiscal procedures and financial [...]

  
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