HOA Accounting Services
Managing an HOA can be a time-consuming job. When all the members of the board of directors are volunteers with full-time jobs, families, and social lives, taking care of the many aspects of property management can be difficult. Sometimes, it can become too much, and details can start to fall through the cracks. For smaller communities, it can be too expensive to hire a full property manager to handle all aspects of HOA management.
Handling HOA finances is the most complicated and tedious aspect of association management. Hiring a company to handle just the financial aspects can save your board of directors’ time and relieve the stress that goes along with handling sensitive financial information. Financial management companies offer much-needed support to homeowners’ associations at a fraction of the cost of full property managers.
Financial Management Services for HOA and Condo Associations
One of the most time consuming, and important, tasks in any community association is the regular billing and collection of HOA dues. Without money coming in, there would be no funding for community maintenance or new projects. Organizing labor at regular intervals to prepare bills and collect late fees can be hard to manage. A financial management company would be able to take away some of that pressure by using their own labor and resources to prepare and send invoices to homeowners. In addition, CSM has a team of trained collection professionals who will work with your board of directors to create and implement a collections program that is right for your community.
Receivables are only one part of financial management. A financial management company can also handle keeping track of payables and making sure that all vendor payments go out on time. The last thing that a community needs is to go delinquent on a payment and lose a vendor account. By leaving payables in the hands of experienced professionals, you never have to worry about missing an important bill again.
Detailed HOA Financial Reporting
The best way to handle finances is to ensure that detailed records are kept for every dollar that passes through your community. By maintaining detailed records, your board of directors can make more accurate plans regarding the allocation of funds. Keeping up with financial statements such as balance sheets, statements of income, payables, and receivables, bank statements, general ledgers, and reserve fund balances require a certain expertise that is best handled by a trained professional to ensure accuracy and give homeowners peace of mind.
All financial reports need to be prepared on a regular basis. That interval varies depending on your community’s needs along with state laws. It is suggested that financial reports be prepared monthly or, for larger communities, quarterly. By using a financial management company, you will know that all financial statements will be prepared correctly and on time which will help with audits and tax preparations required by law.
Expert Association Financial Advice
Since HOA and condo associations are managed by volunteers, it is common for them to have questions regarding the complicated nature of association finances. Not every community has a trained accountant available to assist with financial planning. Hiring a financial management company provides communities easy access to professionals to ensure that they are handling their finances properly and legally.
Taxes and audits can be some of the most stressful times for community associations. With so many rules to follow, it is hard to know for sure if everything is properly prepared. At CSM, our trained professionals will be right by your side. We will prepare all financial documentation and walk you step-by-step through the tax preparation and audit process to answer any questions and make sure that there are no surprises.
Homeowner Communication Services
Along with handling all association financial information, CSM can also assist with homeowner communication. A custom website will allow easy access to community information and allow for online bill payment. Residents can also use the website to request information or communicate with community management. Association documents can be posted online to promote transparency between the board of directors and the homeowners.
In addition to the website, we also provide email, voice, and text messaging services so that the board can quickly and easily stay in touch with homeowners and the professionals at CSM. Email blasts are an effective way to keep residents up to date on all community matters.
HOA Insurance Assistance
Insurance can be one of the largest expenses that a community must prepare for. We work with some of the nation’s largest and most trusted insurance agencies to find a plan that is tailor-made for your community. Whether it is made up of single-family homes, townhomes, or condominiums, we can find a plan that fits in your budget. Because we work with so many insurance companies all over the country, we can help our clients find the best prices available.
Customized HOA Services
Of course, no two communities are the same. Each one has different needs and goals. Maybe you are trying to save up enough reserves for a community pool? Or perhaps you are just starting out and need help setting up financial reporting procedures? We will work with your board of directors to get to know your community and create a customized financial plan to assist you in reaching your unique goals.
Choosing the Right HOA Financial Management Company
Not all HOA financial management companies are created equal. State and local laws vary immensely throughout the country. Make sure that the financial management company that you select is knowledgeable with your area and provides the services that work best for your unique community.
The professionals at CSM have worked with thousands of residents in almost every state in the US. We offer a wide variety of financial support services for any HOA or condo association that is looking to remain self-managed but remove some of the administrative burdens from the board of directors.