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Does Your Community Association Need an Audit?

Does Your Community Association Need an Audit?

If you read our articles, you may remember some of these financial horror stories:  Board member skims thousands of dollars from dues payments.  Vendor double-bills pool maintenance expenses. Property manager steals $300,000 by fabricating financial statements. Developer empties the reserve fund to cover operating expenses.   Even the most active, cautious board can suffer financial mishaps. [...]

Community Association and HOA Tax Returns

You may not owe, but you still need to file!  Especially with self-managed communities, there seems to be a lot of confusion and questions about community association taxes and tax returns. The bottom line is that community associations need to file federal tax returns, and most are now due on April 15 each year. The [...]

The ABCs of Community Association Financial Management

Always Be Conscious of your community association’s financial health! With many schools now back in session, and our children learning everything they forgot over the summer, we thought it would be fun to prepare a primer with tips for good HOA and community association financial management.  The vast majority of community associations are well-run and [...]

The Best of Our HOA Coverage

Over the years, we’ve built up quite the library of HOA topics, with CAI magazine articles, a white paper, and nearly 100 blog posts. But these five are our readers’ favorites, consistently earning top spots for page views.  Interestingly enough, these posts also take a new board member full circle, with advice for those first [...]

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, [...]

  
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