Revenue Recognition Implementation for Common Interest Realty Associations

Background The Financial Accounting Standards Board (FASB) approved a new revenue recognition standard, Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606” or the “revenue recognition standard”). The revenue recognition standard applies to most organizations and businesses, including condominium and homeowner associations, because an Association’s relationship with its members generally meets the [...]

2020-06-18T16:09:16-05:00January 27th, 2020|COMMUNITY ASSOCIATIONS, REVENUE RECOGNITION|

How the Pooling Method Can Help Bring Your Property Value to Greater Safety

Reserves. Those who have ever served on an association board probably know the word. Some of them may even fear the word. For responsible unit owners with sound budgeting practices, reserves can often provide peace of mind that the property will be safely maintained and that the association may be able to avoid special assessments. [...]

2018-11-12T15:47:05-06:00October 24th, 2016|COMMUNITY ASSOCIATIONS|

10 Anti-Fraud Recommendations for Community Associations

We have outlined 10 anti-fraud recommendations for community associations (or homeowner associations, commonly called HOAs) designed to protect them from unethical acts. 1. Develop an association investment policy that clearly outlines which investment types are appropriate for the association. Qualifying investments may include bank money market accounts, certificates of deposits, and U.S. government securities. 2. [...]

2018-11-12T15:56:38-06:00October 17th, 2011|COMMUNITY ASSOCIATIONS|

How Does Advance Funding of Delinquent Assessments Work?

In another article New Angle on an Old Problem: Advance Funding of Delinquent Assessments, we outlined tactics that community associations often employ to collect delinquent assessment fees. One of these tactics is funding delinquent assessment fees in advance. The Advance Funding of Delinquent Assessments System A community association (commonly called a homeowner association, or HOA) uses an [...]

2020-01-31T11:33:51-06:00September 17th, 2011|COMMUNITY ASSOCIATIONS|

New Angle on an Old Problem: Advance Funding of Delinquent Assessments

The past four years have been laborious for community association managers and boards of directors. The troubled U.S. economy has made it difficult to collect past due assessment fees from owners and mortgage holders with financial woes. Some of them may either foreclose or go bankrupt. As a result, some owners who pay on time [...]

2018-11-12T15:56:40-06:00September 12th, 2011|COMMUNITY ASSOCIATIONS|