Where to Get Hoa Statement


HOA statements, also known as bank statements, are exactly as they sound. This is a statement from the bank, from which all deposits and withdrawals from each club account over a certain period of time are displayed. The most effective way to prevent fraud within your community association is to keep a close eye on bank statements. Your HOA statement explains your options for paying your contributions. You may be able to withdraw the money automatically from a bank account or credit card. Alternatively, you can send a check to cover the costs. Sending digital bank statements is faster, easier and more cost-effective than sending or delivering paper statements. Many discrepancies result from the account statements sent, as any payment activity after the billing date is only displayed on the next month`s statement. In other words, if an owner made a payment after the statement was sent to them, they will not see the payment in the current statement. Late fees can be tricky – no one likes to pay them. If you believe you have mistakenly received a late fee, we recommend that you check our cap.cincwebaxis.com Owners web portal before calling the accounting team or sending an email to confirm that any of them have been assessed. The web portal stores all the data about your payments and fees that we have stored so that it has a complete history of your account. This can be a powerful clarification tool when it comes to the status of your account.

CAP also offers electronic bank statements, so if you prefer to receive this information by email, contact our accounting team if you are interested. 2. If landlords ignore statements, the HOA can take action Another point you need to know is the late fee warning we put on every billing. This is usually displayed on the payment stub and has 2 entries – one titled “After this date” and “Late Fees”. Fee dates and amounts are taken directly from your municipality`s SB100 guidelines, which list due dates and late fees, as well as any related interest the association may charge. However, a late payment fee will not be charged if payment is received before this date. And in previous billing cycles, no late fees are charged unless they appear in the historical part of the billing. These items do not assess fees, they simply draw your attention to the policies in place in your municipality regarding late payments. Each owner usually pays a MONTHLY HOA fee. Contributions are paid into the regular expenses as well as into the reserve fund of the association.

Therefore, it is recommended that the declarations are also sent to the owners every month. This way, they`re more likely to get used to paying dues at about the same time each month, much like a phone or internet bill. Financial management can be one of the most challenging aspects of running a successful HOA. For this reason, most associations choose to outsource the service or have a professional on the mandates. If you have any questions about the financial statements or are looking for advice, please contact our team of experts. We are at our fingertips! Bank statements must be attached to all other financial statements prepared at the interval set by your HOA, whether monthly, quarterly or annual. Ideally, you should check a bank statement as often as possible. Some banks offer online HOA banking services that provide 24/7 access to club account statements. Colorado Revised Statutes, § 38-33.3-117(2)(a) – This Act provides that “all records held by the Association shall be available or shall be reviewed and copied by a unit owner or authorized representative of the owner, the Association may require owners to make a written request at least ten days prior to the inspection or submission of documents, in which the planned documents describe the appropriate specificity. and may limit the hours of review and copying to normal business hours or to the next regular meeting of the board of directors if the meeting is held within thirty days of the request. Notwithstanding any provision to the contrary in the declaration, statutes, statutes or by-laws of the association, the association may not make the establishment of the registers subject to the declaration of a patrimonial purpose. Your bank statement should also include instructions on how to report fraudulent activity or errors on your bank statement. If you find any errors that you cannot match or if you suspect fraud, contact your bank immediately.

As a rule, banks only give you 60 days to report such anomalies. Otherwise, your bank will assume that the amounts are correct. Articles of Association, all relevant documents, original and updated restrictive covenants, conditions, restrictions, fee and valuation plans, annual budget, most recent financial statements, proof of compensation and insurance for the HOA and officers/directors, proof of loyalty obligations and whether there is a regular audit. You may or may not ask all of these questions, or you may request additional information. Read your HOA`s annual statement carefully, as it is often used to justify an increase in club fees. The declaration of commitments, conditions and restrictions and the by-laws of your HOA limit the amount that the association can increase contributions. As with special notices, you will receive a notification of contribution increase before it is collected. Bank voting ensures that your HOA`s money is settled. If you notice a difference, make the necessary adjustments to your HOA statements to balance them with your financial reports. Make sure that each difference is accompanied by an explanation. You need to work with your accountant or manager to accomplish this task. Some associations even indicate which accounts are 30 days late, 60 days and more than 90 days.

As with any financial report, the more details you provide, the easier it is for everyone to analyze and track. Regular review of bank statements is important because it is one of the few financial documents that is not prepared by the association`s board of directors or the HOA management company. .