Community Financials

Florida House Bill 1203: HOAs Must Provide Online Access to Community Information Coming to Your State? Starting January 1, 2025, Florida’s Homeowners Associations (HOAs) will face new requirements regarding online access to community information, thanks to the recently signed House Bill 1203. This legislation aims to enhance transparency and accessibility for homeowners by mandating online portals where residents can access essential documents and information. Your community may not be in Florida, but this update could still be of interest. Often, new state requirements for homeowners’ associations (HOAs) arise from legal challenges and evolving standards, and what starts in one state may soon influence regulations elsewhere. Enhanced transparency measures like those in Florida’s House Bill 1203 might not yet be mandated in your state, but they could offer valuable insights into how improving access to information can help mitigate risk and reduce communication burdens on board members by allowing homeowners to obtain information directly through an online portal. https://lnkd.in/eij9xJHJ

What NOT to Do When Contacting Delinquent Owners in Your HOA or Condo Communication with delinquent homeowners in a homeowners association (HOA) or condominium association is crucial for maintaining financial stability and ensuring community upkeep. Navigating this process requires sensitivity and strict adherence to legal guidelines. Here, we will explore common mistakes to avoid when contacting delinquent owners, emphasizing the importance of compliance with regulations and fostering positive community relationships. https://lnkd.in/e7snCVsN

CAI Board of Trustees Approves Legal Action Against Corporate Transparency Act . Community Financials, a Business Partner member of Community Associations Institute, is pleased to share the latest information with our network. In June 2024, the Community Associations Institute Board of Trustees voted to file a lawsuit seeking an exemption for community associations from the burdensome provisions of the Corporate Transparency Act. This action further underscores the institute's strong commitment to the protection of community associations as a unique form of housing and to its membership.?Read More: https://lnkd.in/eHmFij3T

Join a Live Interactive Podcast for HOA and Condo Board Members July 8, 2024 We're thrilled to announce a special upcoming event you won't want to miss. Tune in live on July 8th at 3pm PT for an engaging episode of the HOA Insights Podcast, a podcast focused on educating HOA and Condo Board members. As part of Community Financials' core values of We Listen, We Solve Problems, and We Educate, we proudly sponsor this podcast.?https://lnkd.in/etK3fd96

Why Are Homeowners Charged a Fee to Make an Online Payment to their HOA and Condo And Is there a Way Around It??Many management companies charge a $1 or $2 fee each time a homeowner makes an online payment.?This fee charged by payment processing companies, and marked up by management or software companies, ensures the secure and efficient management of electronic checks also referred by some as ACH payments. https://lnkd.in/gyUmUngH

One of the most widely used property management and accounting software for HOAs and Condo Associations to date has been Tops Pro. This software is being discontinued, and will not be supported past the end of 2024. If your community is currently using this software, what does Tops Pro and IQ discontinuing by the end of 2024 mean for you - and what is your plan going forward?

Looking to learn more about being a Board Member at your community??Podcasts are a great way to learn about topics.?I recently was a guest on a podcast for HOA & Condo Board Members on detecting and preventing fraud. https://lnkd.in/eZ5h38he

As of January 1, 2024 the Financial Crimes Enforcement Network (FinCEN) will require most legal entities, domestic or foreign, to report their Beneficial Ownership Information (BOI). How will this impact HOAs and Condominium communities? Do HOAs and Condo Communities have to comply with new 2024 FinCEN regulations? https://lnkd.in/eCBGP3Dz

The start of a new year is a time for reflection on what went well and what didn’t go so well in the prior year.? Whether you call them resolutions or goals what can you do to take steps to improve your community or your time spent on the Board?? Let’s take a look at what could be on your list of 2024 HOA & Condo Board Resolutions and Goals. #2024GoalsforHOAandCondoBoardMembers

When talking with Boards looking to make a change in how they operate their community I am often asked questions related to changes that will occur.? The most frequently asked questions are do we need to change our software or bank and why? Homeowners Associations (HOAs)