Although homeowners associations are non-profit organizations, they still earn money for the purpose of maintaining the community. Keep up with your HOA accounts receivable with the help of an association management software. What Are HOA Accounts Receivable? A homeowners association receives money from its members in the form of regular dues or fees. The…
In certain situations, a homeowners association may decide to levy a special assessment. Most homeowners are not amenable to this because of the unexpected financial burden. To prevent any misunderstandings between homeowners and the board, here’s what you need to know about HOA special assessments. The Basics of HOA Special Assessments Living in an HOA…
Do you have problems with homeowners association financial reporting? Even with a financially literate board, mistakes can still happen. What’s important is that you’re able to identify these HOA financial reporting mistakes early on and make changes so that they never happen again. If you want to protect the financial position of your HOA, here’s…
Communication in homeowners associations is crucial for success. However, with so many tasks and responsibilities, it can be easy to forget appointments, misplace paperwork, or lose track of conversations — leading to communication breakdowns between homeowners, board members, and their association managers. Condo Manager software improves HOA communication so you can enjoy more seamless and…
Condominiums are becoming increasingly popular in the United States, with many choosing to live in condos due to its affordability and convenience. But, with condo living comes condo fees. What Are Condo Fees? If you have ever lived in a condominium, then you know there are common areas that all owners share. These common…
A large part of your job as a team member on the HOA board is to be a good steward of the money that is payed to the board for the upkeep of the community. The task can be a daunting one, but following these five rules of accounting will help you and the rest…
When it comes to your HOA’s monthly, quarterly, and yearly financial statements, the outcome is largely dependent upon which type of accounting method is used by your HOA. There are three different types of accounting methods that can be utilized which are often determined by the size of the organization or by state and local…
Finances are one of the most important and difficult aspects of property management. If you are hoping to improve the financial health of your business, it is imperative to know the property management accounting basics to help you create the thriving business that you desire. Property Management Accounting Fundamentals What is property accounting? Property…
Understanding HOA accounting basics When doing accounting tasks with Homeowner Association Software, you have to think reverse of how the typical American sees their household income and budget. With HOA’s, the Board begins by determining the association budget FIRST, then the estimated expenses, followed by determining the revenue source — which is mostly the fees…