HOA Financial Matters


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HOA Financial Matters

Subtopics: Budgets, Dues, Special Assessments, Financial Controls, Insurance, Reserve Accounts

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When to Turn to Small Claims Court for HOA Collections
July 16, 2010
In this week's tip, we give you the skinny on when it's wise and not-so-wise to go after delinquent homeowners in small claims court. Many attorneys recommend against it, but there are exceptions. . . . keep reading

Can You Use Small Claims Court to Collect Unpaid HOA Fees?
July 2010
One California small claims judge's opinion has caused confusion over homeowners associations' ability to use small claims court to collect unpaid fees. Here, we explain the California brouhaha and offer insights about using small claims court in other states as well. . . . keep reading

When Selling Your HOA Debt Makes Financial Sense
July 9, 2010
It's tempting. You've got thousands of unpaid assessments, and collecting them seems hopeless. Then a white knight gallops in and offers to pay you to purchase that debt. In this week's tip, we discuss whether selling your association's bad debt is a violation of your fiduciary duties. . . . keep reading

Should You Sell Your HOA Debt?
July 2010
Some companies now offer to purchase the debt of homeowners associations, often for pennies on the dollar. Can your HOA board consent to such an agreement and still fulfill its fiduciary duties? Here we discuss the pros, cons, and ethics. . . . keep reading

Does Your HOA's Method of Determining Assessments Pass Muster?
July 2, 2010
Riddle me this: Does the formula you use to calculate owners' assessments match the method spelled out in your HOA's governing documents? This week's tip explains that sometimes there's a disconnect between the two--and that can spell trouble for your homeowners association. . . . keep reading

The Wrong Way to Calculate HOA Assessments
July 2010
Homeowner and condo associations often come up with new ways to calculate assessments, but sometimes they later learn their methodology was simply wrong, unfair, or in violation of their governing documents. Here's some guidance on identifying whether a proposed method of determining HOA assessments passes muster. . . . keep reading

Use Creative HOA Financing to Ease the Burden of a Special Assessment
June 18, 2010
Are owners in your homeowners association resisting a proposed special assessment? Maybe it's because your HOA isn't offering attractive financing. In this week's tip, we offer alternatives to the "pay it in full--now!" method of funding special assessments. . . . keep reading

Helping Owners Fund a Special Assessment
June 2010
Here, we hear how condominium and homeowner association boards crafted creative financing that helped them pass a special assessments and offer tips for funding your own special assessment. . . . keep reading

Tips for Tight Financial Controls at Your Homeowners Association
June 11, 2010
In this week's tip, we provide you with two questions you should ask your HOA management company to be sure your association's finances are safe and soundly managed. . . . keep reading

Five Questions to Ask Your Manager about Your Homeowner Association's Finances
June 2010
It's perfectly fine to ask your HOA management company to handle your homeowner association's finances. But you must still oversee that process. Here are five questions you should ask your management company today. . . . keep reading

Your HOA's Money: Tips for Collecting Interest on Unpaid Fees
June 2010
If your condo or homeowners association board is considering tacking on interest charges when owners are in arrears for assessments, fines, or other fees, be sure you know whether you have the power to do that. Here's the scoop. . . . keep reading

2 Tips for HOA Boards: Get a Handle on Your Homeowners Association Finances
May 28, 2010
This week's tip contains advice that can help your board better understand and control your condo or homeowners association's financial situation. . . . keep reading

HOA Fees: What to Know Before Setting Up Electronic Withdrawal of Association Fees
May 2010
Would the electronic transfer of money due to your condominium or homeowners association enable you to collect more money in a more timely way? Maybe. Here we explain the pros and cons of implementing an automatic withdrawal system and offer tips to keep in mind if you're about to arrange for one. . . . keep reading

9 Tips for Better HOA Financial Reporting and Management
May 2010
What financial information should the your condo or homeowners association board track, and how? Here are nine tips for creating and understanding the association financial statements that help you monitor and control your association's financial health. . . . keep reading

HOA Finances: Making the Truly Hard Sale of a Special Assessment
May 14, 2010
In this week's tip, we reveal the secrets of "selling" a special assessment to your "buyer" owners. . . . keep reading

HOA Communications: Tips for "Selling" a Special Assessment
May 2010
If your board is convinced your condo or homeowners association needs a special assessment, it must take the process of getting buy-in seriously. Here's how to "sell" a special assessment by being transparent, having community meetings that allow members to understand the issues and ask questions, and knowing how to overcome objections. . . . keep reading

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