A Reserve fund is a crucial part of an HOA or COA’s financial plan. For every budget that is planned by a COA, a reserve fund is very much needed. “How much money should a COA have?” This question is often thrown to COA members. Similar to corporations and businesses, COAs utilize reserve funds to […]
Author Archives: core_webdev
01
Jun
Jun
As a condo manager, a real estate agent, or even a real estate attorney, being able to review a Condo financial statement is very important because it gives you an idea of how the association is managed and also sets your expectations with operating expenses once you decide to go ahead with the property investment. […]
29
May
May
Every business uses a balance sheet. HOA balance sheets are crucial to understanding the distribution of finances. Money coming in, money used for equity, and money going out need to be tracked at all times. The tracking of finances through financial sheets is important because condo associations depend on the availability of finances for maintenance […]
29
May
May
During the pandemic, a lot of Americans were looking to change their homes for bigger houses. Places like Tampa, Phoenix, and Miami saw a 25-32% increase in the value of homes. The sudden growth was a surprising fallout because many experts thought the opposite. But The National Association of Realtors reported a sudden rise in […]
27
May
May
For most modern businesses out there, account payable is one of the top-stake tasks there is. After all, every business should be able to pay what it owes – you should not get this wrong. It is no secret that managing invoices accurately is a vital key to maintaining good relationships with your suppliers. A […]
11
May
May
The success of most condo associations depends on their finances. This is an important aspect not just for board members but also for homeowners and investors. Many argue that the first indicator for HOA finance health lies in the quality of maintenance and the physical outlook of such an association. The advantages of always evaluating […]
11
May
May
HOAs have seen a massive expansion in the past few years. It is estimated that 80% of new properties all belong to an association. Most people understand the benefits such as; value, quality of amenities, and structure that comes with living in an organized association and choose to live in them. However, the process of […]
26
Apr
Apr
Do you live in a home or condo that is part of a community association? Many people do. Have you ever considered who is running the books? The association’s finances can greatly affect everyone who lives in the community, so why would anyone ever leave the books to a novice? Why Hire a Professional When […]
24
Mar
Mar
An unpleasant but necessary community association task: the official violation letter. No matter what, HOA violations will occur at some point. So what can be done to prepare for them? How can one help prevent them? Whether you are a homeowner or a board member, understanding common violations and how to resolve them is necessary. […]
10
Mar
Mar
Condo associations are tasked with budgeting and seeking improved ways to reduce expenses and saving money. It is difficult to slash expenses because of several considerations that go into making condominiums an option for homeowners. It would make perfect sense to review priorities and ensure efficient use of the allocated budget. These are effective ways […]