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Financial: Money, Banking, Insurance

Tips To Help Avoid HOA Fraud

Tips To Help Avoid HOA Fraud

COMMUNITY ASSOCIATIONS and their management companies are not immune from online and email fraud attempts and scams. The good news: There are steps you can take to help avoid common fraud tactics and better protect yourself and your communities. We’ve compiled some scams to watch for and tips to help avoid them.

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Four Reserve Rules

Four Reserve Rules

THERE ARE FOUR RULES OF RESERVES that associations should know. Our company has pioneered foundational concepts & principles and provided extensive educational materials to the industry for over 35 years, but all can be distilled down to the rules below as the heart of planning for reserve projects at your association. Fundamental education is key to all of our success, as board members and professionals come and go over time.

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Efficient Audits

Efficient Audits

ASSOCIATIONS WITH DECEMBER 31ST YEAR ENDS make up a large share of annual audits. There is often intense pressure on managers, accounting departments and audit firms to complete accurate and complete audits in a timely fashion. Completing an efficient audit requires strong communication and sharing of information.

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Reserves & Inflation

Reserves & Inflation

THE CONSUMER PRICE INDEX IS at a 40-year high of ~ 7% as of this writing. As we all know, that’s a big deal. Our data and research show inflation of the goods and services relating to the typical association reserve components (roof, paint, siding, windows, decks..) to have been compounding ~25% annually since 2020 – that’s a Really Big Deal.

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Fund Accounting For Associations

Fund Accounting For Associations

Whether preparing an annual budget or a reserve study, it is important to know how much money is available to spend and where the money is saved and recorded. Maintaining separate bank accounts for operating expenses or for reserves activities is both required by some statutes, and highly recommended. Having a bank account for each type of fund is a great place to start separating each fund’s financial activity.

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Reading Financial Statements Series© – Balance Sheet Part 6: FUND ACCOUNTING FOR ASSESSMENTS & EXPENSES

Reading Financial Statements Series© – Balance Sheet Part 6: FUND ACCOUNTING FOR ASSESSMENTS & EXPENSES

Community associations use a system of accounting called fund accounting. As with non-profits and charities, the entity is collecting money for specific purposes, and should account for specific financial activity in pre-determined funds.

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Chapter Magazine

wa-community-associations-journal-sep2022-archive

Sept 2022 Issue

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