Over one third of condo communities and homeowner associations (HOAs) across the country are self-managed, hiring professional services for specific needs, according to the Community Associations Institute (CAI). If you have 100 units/homes or less or have a high level of board participation you are a prime candidate to self-manage with support. Support primarily entails financial management services, including and our support system of professionals. Benefits include saving money and increased control. If this sounds like a good fit, self-management with support may be the best solution for your community.
Larger community associations, or those with certain ongoing projects or needing a higher level of services should employ a professional management company. Destination Maui, Inc. provides both types- supported and full-service.
What services are best for your association? Here is a breakdown of major points to help you decide:
Support with Financial Services
A base of financial strength and security is essential to a successful community association. With a strong foundation in accounting, Destination Maui, Inc. applies stringent financial standards and the highest level of expertise. The company founder is a well-regarded CPA, as well as holding the highest community association accreditation. We build trust by employing the industry’s best data security measures. Each property is assigned an accountant, building a long-term value and offering a broad array of accounting and financial services, including:
- The most comprehensive financial reports in the region, including balance sheets, income statements, budget analysis, general ledgers, accounts payable, check disbursements and income and expense projections
- Electronic funds management via a secure log-in and transfer protocol
- Management of accounts payable
- Invoice scanning and online payment portal
- Checking, savings, money market and other bank account reconciliations
- Monitoring of investment funds and rollover dates
- Billing and collections of community association dues and assessments
- Delinquency notices, breach notices and HOA violation letters
- Oversight of escrow demands
- Check preparation and distribution
You won’t be alone. According to the most recent CAI Statistical Review an estimated 30-40 percent of community associations are self-managed, hiring professionals for specific needs like financial and tax services.
Self management does entail a dedicated and involved board, but board members don’t have to do all the work themselves- we can relieve the most difficult aspect, Financial Management.