As part of a community association, it’s common to encounter those one or two owners (or more) who don’t pay their community association fees. Unfortunately, the repercussion of those owners who don’t pay affects those who do. Reliable paying members of an association could face increased fees, special assessments or reduced spending on community maintenance and amenities. Usually in this situation the community association has to enforce the condo association collections policy to establish consequences for continued non-payment.
Archive for October, 2014
A recent study conducted sponsored by a major credit repair firm and conducted by Harris Poll asked specific questions related to what people understand about credit scoring, how they are arrived at, and the information that is taken into consideration to determine them.
The study revealed some surprising information. Eventhough credit scores affect Americans in many important ways including the price they pay for credit and insurance many people are mis-informed about the entire process. This is shocking as your credit score can not only affect your ability to get credit but also impact on your ability to obtain employment.
In my journeys through the community association world I go to a lot of conferences, seminars, board meetings and read hundreds of articles about how to best manage and govern a community association. It has almost become a cliché that communication is the most important aspect in managing an association. While I don’t disagree, I also believe that information and facts are just as important and it is a commodity that is sorely lacking. Plainly stated Solid Information Is Critical
HOA Financial Reports
Monthly HOA financial reports are required by the Board every accounting cycle, whether it be quarterly or biannually. There is a ton of information out there for board members to help them understand how to state questions to ensure that HOA financial reports are correct. However, some members find it difficult to know which questions to ask in order to make sure everything is correct before giving it to the Board. Snap Collections is here to offer you advice and a checklist to ensure pristine HOA financial reports each month.