Accounting

Note: This article has been updated since it’s original publication. The Home Buyer’s Friend “Of all the gin joints in all the towns in all the world, she walks into mine.” Getting a resale certificate request can make a community association manager feel like Rick from the classic movie Casablanca. While it’s good to see […]

Sometimes it feels like you’re both on either side of a canyon. The chasm yawns wide between you. You try to communicate but between the echo and the whistling of the wind, you cannot truly understand each other. Of course, you both want the same thing. But it’s hard to meet in the middle when […]

Note: This article has been updated since it’s original publication. Dealing with Bad Debt Occasionally, homeowners can’t or simply don’t pay. When that happens, you do have options, but even with a lien, there is likely to be some amount owed that you aren’t able to recover. Leaving bad debt on your books for too […]

In all the current events that have been dominating the news lately, a recent important announcement may have missed your radar. The announcement came from the AICPA indicating that they will be merging with an international accounting organization to form a brand new association. (AICPA quotes in this article come from the video by Tim […]

Note: This article has been updated since it’s original publication. In community association management, no two words are feared quite as much as ‘Budget Season’. Developing budgets is an important part of any business, and for community associations, the budget is incredibly important due to the fact that communities have a fixed potential income, and […]

Note: This article has been updated since it’s original publication. Forget Mayweather! THIS is the fight of the century! We pit industry specific software designed for community association management against off-the-shelf general purpose accounting software! Ten rounds – our competitors are leaving it ALL on the MAT! WEIGHING IN: Cost vs. Quality A common mistake […]

Note: This article has been updated since it’s original publication. Part of preparing the annual budget for a community is either creating, reviewing, or updating the Reserves for Replacement Analysis. Reserves are monies set aside for the future replacement or renovation of the major components of your homeowners or condo association. What are Reserves? Every […]

Guest Post by James A Bradley, MBA, LCAM (FL) If you ever get the good fortune of working at a bank you will quickly learn that banking has more acronyms than the United States Military. Every once in a while these bank acronyms seep out into the mass public and become a part of our […]

The Board of Directors Has Approved the Annual HOA Budget for This Coming Year An HOA budget is what sets the expected revenue and expenses for the year. It also means the assessment levels for each home in the community has been determined so the collective homeowner assessments equal the total HOA budgeted assessment income. […]

Note: This article has been updated since it’s original publication. Any discussion on accounting for condo associations and HOAs often starts with the end result – monthly financial reports. There’s all kinds of information for board members to help them understand the reports, but how can you head off questions at the pass by making […]