Best Practices for Managing HOA Finances

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 [...]

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 [...]

Demonstrating that Your HOA Cares

The coronavirus pandemic has hit every household to some extent. In some cases, that means more residents are spending more time at home as work, school, and other activities remain virtual. Unfortunately, the economic disruption has also hit home, with many families struggling to make ends meet. This may impact their ability to maintain homes [...]

Amusing HOA Stories – Part 4

Happy Summer! It’s time again to take a break from our usual financial blog and look at some humorous HOA happenings. With residents being home more due to the coronavirus pandemic, we had a plethora of off-beat and whacky stories to choose from. In this fourth installment of our most popular article series we once [...]

Tips to Being a Smart HOA Money Manager

As an HOA board member or property manager, staying on top of the HOA budget and other financial issues is a top responsibility. With the coronavirus pandemic potentially impacting the timeliness of HOA assessment payments and increasing costs, such as the disinfecting of common areas, it is now even more important to be a smart [...]

Trimming Your HOA Budget During a Pandemic

In this time of pandemic-related layoffs and salary cuts, HOAs and Community Associations should not be mistaken. The number of delinquent fee payments is likely to rise. Now’s the time for property managers and board members to proactively assess expenses and trim budgets. Review major expense items carefully for financial success during and after the [...]

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