Author Archives: core_webdev

HOA Budget Preparation: 8 Steps to Prepare Your COA Budget

HOA Budget Preparation 8 Steps to Prepare Your COA Budget Cover

Budget Preparation Budget preparation is an essential part of every association’s finances, no matter the time frame – quarterly or annually. For homeowners associations, a well-drafted budget must be prepared as a new financial year approaches, but not all associations know how to draft an HOA budget. An HOA budget is essential to the financial […]

HOA Control Procedures: 7 Types of Internal Control Procedures

HOA Control Procedures 7 Types of Internal Control Procedures

Control procedures for HOAs and COAs are critiical.  Businesses are built to grow and expand. Entrepreneurs put their money into businesses to see that it scales and expands to yield profits. It makes no sense that any business-minded person would put his money into a business lacking growth and does not have any plans to […]

5 Strategic Uses of a COA Reserve Fund

5 Strategic Uses of COA Reserve Funds

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 […]

How to Read and Understand Condo-Financial Statements

How to Read and Understand Condo Financial Statements

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. […]

HOA Balance Sheets: 4 Important Things to Know

HOA Balance Sheets: 4 Important Things to Know

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 […]

4 Tips to Save Time on Your Accounts Payable Processes

4 Tips to Save Time on Your Accounts Payable Processes

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 […]

5 Keys to Honestly Evaluate the Financial Health of Your HOA

5 Keys to Honestly Evaluate the Financial Health of Your HOA

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 […]

3 Reasons Accounting Professionals Should Run Your COA Books

3 Reasons Accounting Professionals Should Run Your COA Books

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 […]