The accrual basis of accounting is generally recommended for homeowners associations as it meets the requirements of California Civil Code. With the accrual basis, all revenue and expenses are reflected in the HOA’s Income Statement and amounts are comparable to the budget. The Balance Sheet will...
4. Changed financial statement requirements. 5. Approval of contractors. 6. Control of deposit accounts or a requirement that operating accounts are to be held at the bank. 7. Balloon payments. 8. Payable on demand. 9. Loan default if delinquencies are over some number (know all the events...
(30) days of a change. Failure to report and update information as required may result in penalties. FinCEN accepts e-filed reports athttps://boiefiling.fincen.gov.Continue reading“Client Alert: The Corporate Transparency Act Imposes Reporting Requirements Applicable to Many Condominium, Cooperative...
This includes reviewing existing policies, obtaining quotes for coverage, and recommending insurance requirements to homeowners. Effectively managing these financial responsibilities requires a proactive, knowledgeable, and strategic approach from the HOA board. By prioritizing financial health and accountability,...
If the policy involves changes in procedures or new compliance requirements, consider offering training sessions for board members and homeowners. This could be particularly important for complex policies, such as those related to architectural guidelines or assessments. Gather Feedback After the po...
2017 Legislation Changes Financial Reporting Requirements Today’s column is the final installment of our annual review of legislation affecting Florida community associations. In prior columns, we reviewed Senate Bill 398 dealing with “estoppel certificates,” and House Bill 1237 … Continue reading.....
Joseph Adams Posted onAugust 2, 2017 2017 Legislation Changes Financial Reporting Requirements Today’s column is the final installment of our annual review of legislation affecting Florida community associations. In prior columns, we reviewed Senate Bill 398 dealing with “estoppel certificates,” and ...
property managing leaders who personally oversee all aspects of your HOA management needs. Our staff of associates have a wealth of experience in addressing the routine needs of homeowner associations and implementing policy changes, work orders, and other day-to-day requirements of your housing ...
Our experienced team provides comprehensive solutions tailored to each community's unique requirements, handling everything from drafting and enforcing regulations to maintaining shared spaces and resolving disputes. Experience the difference of a well-managed community by partnering with our HOA management ...
Overall: We have to develop and present a yearly budget for legal requirements. PayHOa does this very well. Ability to track individual payments and provide statements to individual members is easy and vital to our HOA. Pros: Daily tracking of payments. Ability to make a monthly report to ou...