Hire a Condo or HOA Manager to Maintain your Community and Hire a Financial Manager for Accounting

  A trend in many industries over the last few decades has been to divide up work among narrowly focused specialists.  The medical profession is a great example –no longer do you see a heart doctor but one that specializes in valves or heart arrhythmia procedures.  So too community association management is getting more specialized with various manager specialties including high rise and large scale development managers, community loan specialists, community law specialists, community construction project managers and reserve specialists.  There is also room for dividing the financial tasks from the community manager role.  So why not hire a condo or HOA manager to maintain your community and hire a financial… Read More

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The Best 4 Financial Reports for HOAs and Condo Communities

I hear it all the time, the board gets a stack of paper reports but doesn’t look at them.  The reason why?  I suspect information overload and not knowing what to look for in each report.  It can be overwhelming for a community board member that isn’t used to looking at financial reports.  So how about if you only needed a handful of reports to look at – it would make it simpler and take less time to get a picture of your association’s financial health.  So the following is our top 4 financial reports for HOAs and condo communities. As a board member you have a fiduciary responsibility to… Read More

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Fall is a Good Time of Year to Plan and Shop for New Management or Financial Reporting Services

  Summer is over, kids are settled in school and the board is at full strength to tackle the community’s issues.  One of those issues may be 1) finding a new management solution if you are dissatisfied with your current manager or 2) finding a resource to help the self-managed community board or Treasurer with all the monthly accounting tasks. Fall is a good time of year to plan and shop for management or financial reporting services. Construction Projects Winding Down Summer is usually the time when the main capital projects get done.  In many states the contractors plan to wrap up the projects well before winter.  Also for associations… Read More

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Transparency Tools for Financial Management of Your Condo or HOA

As a community board member one of the most important duties you have is to make sure you don’t waste or lose funds entrusted to you by your neighbors.  There are transparency tools for financial management of your Condo or HOA that will help you safeguard monies and uphold your fiduciary duty. Fiduciary duty as defined by the Business Dictionary is: A legal obligation of one party to act in the best interests of another.  The obligated party is typically a fiduciary, that is, someone entrusted with the care of money or property. There are four main tools that help boards keep their accounting transparent: Online Tools for Board Business,… Read More

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Recommendations to Prevent Cyber Theft at your Community

An article titled “Real Threats” in the July/August Community Manager Magazine [Best Practices for Community Association Managers] highlighted the 2018 Survey of Cyber-security in Community Associations by the Foundation for Community Association Research.  To help your board we’ve summarized the main points from the 7 page report and the article in the following recommendations to prevent cyber theft at your community: The Foundation for Community Association Research Surveyed more than 60 community association managers, board members and professionals who support associations to identify the risks and liabilities associated with using technology to conduct association business. Wikipedia defines Cybersecurity as the protection of computer systems from theft of or damage to their hardware,… Read More

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Our Community Treasurer is Leaving… What Do We Do?

All the accounting tasks at your community are running smoothly.  The collections, bill payment and financial reporting is happening on time and with good accuracy and explanation.  You are a self-managed community and life is good – the important job of Treasurer is handled by an Ace volunteer.  Your board sort of takes this position and person for granted.  That is until you receive notice that your Treasurer is stepping down. They may not run for another term, they are “retiring” – burned out or worse a dealing with their own or a spouse’s health issue.  Alternatively the Treasurer may be selling their unit and moving away.  What do you… Read More

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How to Transition Your Condo or HOA Community Away from your Current Manager

Moving away from your current property manager is not as difficult as community boards think.  This article discusses the pathway forward to help you change from whatever you are suffering with now to a brighter future. Just like breaking up with someone you dated you can procrastinate and not do it because you don’t want to deal with it, sometimes it is comfortable staying with someone you know rather than finding someone new or you talk yourself into staying saying it’s not that bad – until you are disappointed again. But when you make the move you are usually rewarded and say for heaven’s sakes what took me so long?… Read More

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Top 5 Problems with Self-Managing your Condo or HOA and Solutions

You know what?  Becoming a self-managed community may not be right for you.  It may be more work and you may have to learn a lot of new ways of doing things in an unfamiliar industry.  But if you are looking for a low cost alternative to full property management, have a core group of active volunteers and have some industry experts to help, well then being self-managed might be the perfect choice for your association. Over my career I’ve worked with hundreds of volunteer board members.  I’ve trained boards at Community Associations Institute (CAI) events and answered a lot of board member’s questions.  I’ve sat with dozens of boards… Read More

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