Posts tagged financial
Pay-As-You-Go Model for Community Association Fees

Community association management agreements are a common way for homeowner's associations (HOAs) and condominium associations to ensure that their communities are well-maintained and properly managed. One common approach to pricing these agreements is to offer a pay-as-you-go model rather than charging one full price for everything.

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10 Tips for Preparing Budgets for HOAs and Condos

Budgeting is vital to the success of your homeowners' association (HOA) and can prevent your community from facing financial troubles. Here are some tips to ensure that your community association is proactive, prepared, and adequately plans for the future.

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HOA New Year's Resolutions to Make Better Communities

2021 is coming to a close, and a new year means it's time to make resolutions. For homeowners associations, it means doing things better in the new year. Here are some of the best HOA New Year's resolutions that boards can make to improve their community!

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The Role of the Board of Directors

A homeowners association is the cornerstone of a planned community. When run properly, it brings continuity, preserves architectural integrity, maintains common areas, protects property values, and promotes the concept of "community." Every association should be responsible for its assets and operation following state laws and the community's governing documents.

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For Better or Worse—Bill Pay to Strengthen HOA Relationships 

Like any relationship, one built on trust is an important one between an association's board members and its community association management company. It's the primary reason this relationship exists in the first place. A board of directors calls on a management company to help execute the responsibilities it has to its residents. Therefore the way a management company pays its bills can significantly impact the level of trust and overall quality of the relationship—for better or worse.

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A Healthy Budget in the Time of COVID-19 Part I

The COVID-19 pandemic is creating financial impacts that may change the course of dues in the future. Board members may have to invest in extra cleaning, disinfecting, and other services to help keep residents safe and healthy. At the same time, however, your association's residents may have difficulty making their assessment payments.

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Consequences of Not Having Cash Reserves

Significant expenses in development occur, and homeowners must cover the costs, one way or another. An HOA commonly maintains a type of savings account called the cash reserves or a reserve account for significant, infrequent, or unexpected common area costs.

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All You Need to Know About HOA Loans

If your association requires repairs, maintenance upgrades, or common area improvements, you may want to consider taking out an HOA loan or line of credit. Loans help fund a variety of unexpected projects when the individual assessment cannot cover the expenses. We are here to help you understand the process and answer the most common questions associations have when taking out a loan or a line of credit.

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