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/ Owner - June 7, 2012

Finance Articles from the Web

Finance & Reserve Videos

Accounting

  • Everything You Need to Know About HOA Accounting September 19, 2023
    As with any organization, strong accounting can make all the difference in maintaining a well-run, functional HOA. While good accounting practices can lead to happier homeowners and communities (not to mention HOA boards), poor financial management can have a lasting, negative impact.   Read the article………………………..
  • Sharing Community Financials May 24, 2023
    As a community association board member or manager, you are ultimately responsible for managing the finances of a business – your community. The association members are all stakeholders in that business, so sharing financial information with them is essential to building and maintaining trust and credibility.   Read the article………………………..
  • A Guide to HOA Budget, Accounting, and Finance August 20, 2022
    Understanding how to interpret your HOA management company’s financials are an important part of your role in an HOA. The management company you’re working with keeps detailed financial records and HOA members’ ability to read and understand them will be key in maintaining community funds. This skill set is even more important if you are a self-managed community. We’ve compiled important basics to help ensure you’re following best practices when it comes to managing your community finances in an HOA ...
  • Accounting Checklists Ensure HOA and Condo Financial Processes Are Done Correctly August 13, 2022
    How do you ensure best practice bookkeeping is done correctly on a consistent basis at your Homeowners Association (HOA ) or Condo community? You standardize your process, document it, add checklists and then inspect that your accounting team is following the system.   Read the article………………………..
  • HOA Accounting Reports You Should Know That Are Not Financial Reports August 10, 2022
    Many homeowners associations focus on the operational side of community management. But, the financial aspect is just as important. And one of the ways to evaluate the financial health of the association is through HOA accounting reports.    Read the article………………………..

Accounting Archives

Audits

  • Audits at Boynton Beach HOA question its finances; board president awarded contracts (FL) August 19, 2023
    Nautica’s HOA budget is more than $600,000 a year. Previous audits have also identified problems and one homeowner said she had to file complaints with the state to see HOA documents.   Read the article………………………..
  • When It’s Time for an Audit – Covering the Basics for Multifamily Boards July 6, 2023
    When the average American taxpayer (or tax-dodger, one supposes) hears the word “audit,” they’re likely struck with a feeling somewhere between annoyance and terror—usually because being audited means that something has been found amiss in their filing. For businesses that rely on the accuracy and timeliness of their financial records, however, including condominium and homeowners associations and cooperative corporations, an audit is—or at least ought to be—a regular part of a healthy fiscal practice.   Read the article………………………..
  • What can residents do when the HOA or condo board hasn’t posted audit or held elections? (FL) July 2, 2023
    Question: According to the Condominium Act, “each year the board of administration must prepare and complete a financial report of the previous year’s financial activities within ninety (90) days following the end of the Association’s fiscal year, or on such other date as the bylaws of the association require.”   Read the Q&A……………………………
  • Your Accountant Wants You To Know About Section 57 Of The Condo Act (MI) June 8, 2023
    Condominium associations with annual revenues exceeding $20,000.00 should take specific note that Section 57(2) of the Michigan Condominium Act provides that an independent certified public accountant must perform an annual review or audit of the association’s financial documents, including its books, records, contracts, and financial statements.    Read the article………………………..

Audit Archives

Budget

  • Improving HOA Finances During Economic Uncertainty: Key Strategies February 16, 2024
    Homeowners associations (HOAs) across the country are increasingly concerned about how inflation, rising interest rates, stock volatility, and whispers of a looming recession could impact their communities. As the stewards responsible for maintaining shared assets that preserve neighborhood appeal and property values, HOA boards carry the weighty duty of shielding their finances from economic storms.   Read the article…………………………….
  • Real estate Q&A: What if someone can’t pay ‘rather large’ special assessment? (FL) February 15, 2024
    Q: Our condominium association recently passed a rather large special assessment to get some work done that we do not have enough money in reserve to cover. Times are tight, and some of our neighbors will have trouble paying. What happens if someone is unable to pay a large special assessment?   Read the Q&A………………………………..
  • Condo Association Websites Can Help with Concerns Over Growing Budgets (FL) January 31, 2024
    By now, all Florida condominium associations with 150 units or more (excluding timeshares) should have launched a website that includes a password-protected subpage or portal for unit owners and association employees that is inaccessible to members of the general public. Read the article…………………………….
  • Master the Art of Challenging HOA Late Fees: Effective Strategies & Tactics December 25, 2023
    Homeowners Associations (HOAs) are organizations that manage and maintain the common areas and amenities in planned communities, condominiums, and townhomes. These associations require homeowners to pay regular assessments, known as dues or fees, to cover the cost of the services they provide. HOA late fees are penalties that are imposed on homeowners who fail to pay their assessments on time.   Read the article……………………………..
  • What Are HOA Fees—and What Do They Actually Pay For? December 21, 2023
    There are two major components to a homeowners association (HOA). The first is that the organization oversees a set of rules particular to the residential community. The second component is the associated fee required for living in the community and how the HOA fees benefit the homeowners.   Read the article…………………………….

Budget Archives

Collections

  • Property Lien In North Carolina: What Does It Do? February 22, 2024
    When a homeowner encounters a property lien in North Carolina, it can be a source of confusion and frustration. As such, all homeowners must understand property liens, their possible consequences, and how they can affect them. It is not always easy to navigate the ins and outs of liens, especially without a lawyer or an agent.   Read the article…………………………….
  • Understanding HOA Liens: What Homeowners Need to Know February 15, 2024
    Facing an HOA lien can feel like standing at the edge of a financial cliff. No homeowner wants to find themselves there, yet it’s a reality for many.  It’s not just about the immediate stress of financial dues. It’s the looming threat to your home’s security. HOA liens are powerful tools associations use to ensure compliance and payment of dues and they often catch homeowners off guard.   Read the article…………………………….
  • HOA Foreclosure Laws In North Carolina February 8, 2024
    Both homeowners and board members should familiarize themselves with the HOA foreclosure laws in North Carolina. In doing so, they can understand the rights of homeowners and the scope of authority an HOA has when it comes to foreclosures. It also helps keep the association in the clear and away from potential liability.    Read the article……………………………. /*! elementor - v3.19.0 - 07-02-2024 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}
  • MCL 599.211: Who Is on the Hook for Those Unpaid Assessments? (MI) February 8, 2024
    Imagine this. After weeks, months, or maybe even years of searching, you finally found the condo unit of your dreams and have decided to make it your own. There’s only one issue—unpaid condo association assessments on the unit. Fear not, the Michigan Condo Act provides clarity on matters of this sort.   Read the article…………………………….
  • Five Ways to Improve Community Association Collections (MD) February 2, 2024
    Community associations face many challenges, none more so than funding the upkeep and welfare of their communities. An owner who refuses to pay their share can put a heavy strain on a community association’s finances. Community associations must be proactive and aggressive in protecting their interests. Read the article…………………………….

Collections Archives



Reserves

(Association Reserves has a list of state laws regarding reserves at this location;  

(Building Reserves also has a list of state laws regarding reserves at this location:

  • HOA Reserve Funding: Real-Life Lessons from 3 Associations February 21, 2024
    When managing a homeowners association, reserve funding decisions made by the HOA board have a profound impact on the community’s financial health and quality of life. By examining the REAL experiences of three different communities, we can put into practice valuable lessons from their reserve fund wins and fails. Which HOA are you?    Watch the videos………………………….
  • Hidden Trouble: How Aging Infrastructure Threatens Homeowner Associations February 18, 2024
    It’s easy to overlook the critical infrastructure subtly running behind the scenes of every homeowner association (HOA) community. While residents enjoy manicured lawns, sparkling pools, and pothole-free roads, the inner workings powering these amenities face a ticking clock.    Read the article…………………………….
  • Navigating Inflation and Investments: Strategy Guide for HOA Reserve Funds December 19, 2023
    Whether your HOA reserve fund is modest or substantial, the pressing question remains: How can you best manage this crucial financial resource for your entire community? In the current climate where inflation looms large and investment opportunities are rising, understanding the intricate balance of community safety, growth, and fiscal responsibility is paramount for managing your reserve fund.   Read the article…………………………….
  • Condo boards across Florida work to increase state-mandated funding reserves November 17, 2023
    This is a crucial time of the year for condo associations across the state as they put together 2024 funding proposals for their members to vote on. Not only are dues likely going up for many in condo associations, but the amount they need to retain in community reserves is also likely to increase.     Read the article…………………………………
  • Comingling of Funds Questioned (FL) November 13, 2023
    Q: Can a condominium association’s operating funds be combined with the reserve money? My association has not moved money into the reserve account and out of the operating account in the last year. The money is there, it is just not in the right account. Is it permissible to keep the reserve and operating funds together?    Read the Q&A…………………………

Reserve Archives

Banking & Lending

  • Lenders Identify Risks and Opportunities for Condo Lending (FannieMae) February 22, 2024
    With the U.S. housing market continuing to confront the significant supply shortage of homes for sale, condos may play an important role in narrowing the supply gap of affordable housing options1. While condos represent nearly 10 percent of the mortgage market, they often play a larger role in many metropolitan areas2. Condos also present unique risks, as condo owners share financial responsibility for the operation and maintenance of the common areas and shared amenities. The complexities of underwriting condo project ...
  • Three Steps to Simplified HOA Financing October 18, 2023
    When your association is looking for financing to improve common areas, add a playground, tackle deferred maintenance, or make emergency repairs, here are three steps your community association can take to simplify the financing process.     Read the article……………………………….
  • HOA Q&A: What are our options when common area renovations become unwieldy? (FL) September 30, 2023
    Q: My condominium association is undergoing a large common area renovation. At the beginning of the project, the Board and the management company announced that we had enough reserves and other operating funds to undertake the renovation without a special assessment.     Read the Q&A…………………………………
  • New law improves online protections for homeowners (NV) September 23, 2023
    This is the first of two columns by Las Vegas attorney Adam H. Clarkson. Today, he addresses Senate Bill 378, which imposes cybersecurity insurance and data protection requirements for homeowners associations’ online assessment payment processors. Next week, he will address what the new law says about email notices.    Read the article………………………..

Banking & Lending Archives

Taxes

  • 2024 Property Taxes: Impact on Chicagoland Community Associations (IL) February 13, 2024
    Cook County properties are reassessed on a triennial schedule. Every three years, the new valuations – along with appeals, exemptions, local tax levies, and assessments of nearby properties – determine the amount of future property tax bills.    Read the article…………………………….
  • Mayor Adams eyes NYC property tax breaks as co-ops, condos face crunch from ‘green’ mandate February 12, 2024
    Mayor Eric Adams said he’d consider property tax breaks for middle-class co-op and condo owners who have to pay for pricey building upgrades when a new “green” mandate icks in.  Hizzoner said he was open to tax abatements as anxious residents brace for the costs of Local Law 97, which covers 800,000 co-op and condo apartments.   Read the article…………………………….
  • Important Tax Deadlines for California HOAs February 10, 2024
    While understanding tax deadlines and requirements is crucial for any HOA board, navigating through these can be complex and overwhelming. The intricacies of tax filings often require professional guidance to ensure compliance and avoid penalties. In California, HOAs are subject to various tax reporting and filing deadlines, each with its own set of requirements and implications. While it’s imperative for HOA boards to collaborate with accounting professionals who specialize in HOA tax matters, Davis-Stirling offers some key deadlines and considerations ...
  • IN Tax Court dismisses appeal in Marion County, HOAs assessment dispute December 27, 2023
    A group of Marion County homeowners’ associations prematurely filed an appeal of their property assessment case’s dismissal at the administrative level, the Indiana Tax Court ruled in granting a motion to dismiss the appeal and remanding the case to the Indiana Board of Tax Review.    Read the article………………………………..

Taxes Archives

General Financial

  • POA, HOA fee hikes make it harder to afford property for some (TX) November 7, 2023
    Property association fee hikes are putting many people in a bind trying to hold onto their investment property or home.  The fee increases started around the pandemic and show no signs of ever retreating.    Read the article………………………………
  • Time for a Financial Check-Up (FL) October 28, 2023
    When did you last take a close look at your investment account statements, have a meaningful discussion with your financial advisor or broker, or reassess your investment goals and time horizon due to changing circumstances or major life events?   Read the article…………………………
  • New law improves online protections for homeowners (NV) September 23, 2023
    This is the first of two columns by Las Vegas attorney Adam H. Clarkson. Today, he addresses Senate Bill 378, which imposes cybersecurity insurance and data protection requirements for homeowners associations’ online assessment payment processors. Next week, he will address what the new law says about email notices.    Read the article………………………..
  • Costs Clients May Not Know When Buying a Condominium August 23, 2023
    Investing in a condominium can be an enticing prospect for many prospective homeowners. With amenities, maintenance, and a sense of community all bundled into one package, condos offer a unique living experience.   Read the article………………………..
  • Monitoring Fraud in Condo Associations: The Do’s and Don’ts (IL) August 4, 2023
    Condominium associations hold a significant level of trust, as they are responsible for managing the community’s financial affairs and overall well-being.  Fraud can have devastating consequences for the condominium, both financially and reputationally. Not only does fraud have the potential to break down relationships between neighbors, but it can also cause a significant increase in condo fees to compensate for the losses.    Read the article………………………..

General Financial Archives

Fraud & Embezzlement

  • Woman stole over $200K from Clearwater condominium complex, police say (FL) February 17, 2024
    A St. Petersburg woman was arrested Friday after police say she stole over $216,000 from a Clearwater condominium complex while she worked there as a property manager.   Read the article…………………………….
  • Mother-daughter-boyfriend trio accused of defrauding West Kendall HOA; 2 arrested (FL) February 16, 2024
    Thirty-eight-year-old Yasnely Pedroso had once been fired from the Westwind Lakes Garden Homes Condominium Association, Inc. for destroying records, among other things, according to police.  Enter her mother, Idoris Pedroso. According to Miami-Dade police, when the 63-year-old became board president, she rehired her daughter as an assistant.    Read the article…………………………….
  • Inside the battle for the Hammocks HOA’s future leadership (FL) February 14, 2024
    Over a year after five people were charged with running a massive fraud at the Hammocks, the homeowners association is again embroiled in contention.  Court-appointed receiver David Gersten has been overseeing the HOA since the November 2022 arrests of four ex-board members and a fifth person.   Read the article…………………………….
  • Essex County Man Pleads Guilty in $470,000 Condo Complex Fraud Scheme (NJ) February 9, 2024
    Federal officials said Smith, alongside his conspirators Nathaniel Obedos and Ranaldo Bennett, orchestrated a kickback scheme targeting the condominium complex where Bennett served as the lead property manager, and Smith held the position of superintendent.  The trio manipulated repair and maintenance operations to benefit Obedos’s company, through which they executed their fraudulent activities.    Read the article…………………………….
  • Oldsmar woman accused of using $25K in HOA funds to pay her own bills (FL) February 8, 2024
    An Oldsmar woman is accused of using nearly $25,000 in funds from the HOA where she was a manager to pay her own bills, according to the Pinellas County Sheriff’s Office.    Read the article…………………………….

Fraud & Embezzlement Archives

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