Most HOA boards are making financial decisions with incomplete information — not because they are negligent, but because no one has told them what they should be receiving. A professionally managed community should deliver ten specific reports to the board every month, without the board having to ask for them.

If your current management company is not providing all ten, your board is operating with blind spots. Here is the complete list.

The 10 Monthly Reports

1. Balance Sheet. A snapshot of the Association’s total assets, liabilities, and equity as of the last day of the prior month. This tells you whether the Association is financially solvent at a glance.
2. Statement of Revenue and Expenses with Budget Variance. Not just what was spent — but how it compares to what was budgeted. Every line item that is over or under budget should be flagged with an explanation. This is the report that prevents budget surprises at year end.
3. Aged Accounts Receivable with Collection Status. Who owes money, how long they have owed it, and what action is being taken on each delinquent account. Boards that do not see this report regularly are routinely surprised by delinquency problems that have been building for months.
4. Bank Reconciliation for Every Account. Operating account and reserve account — both reconciled. This confirms that the bank balance matches the books and that no discrepancy exists.
5. Check Register. Every disbursement from Association funds during the prior month — payee, amount, date, and account charged. Board members should be able to see every dollar that left the Association’s accounts.
6. Open Work Order Report by Age. Every active maintenance or repair request, how long it has been open, who the assigned vendor is, and current status.
7. Violation Tracking Report. All active covenant violations — property, date first identified, stage of enforcement, and outcome.
8. Architectural Review Status. All pending and recently decided ARC requests with dates submitted and board decision.
9. Reserve Contribution Tracking. Actual reserve contributions year-to-date compared to the reserve study schedule.
10. Items Requiring Board Decision. A consolidated list of every pending item that requires a board vote, approval, or awareness before the next meeting.

If your management company provides all ten of these reports, by the 15th of each month, without being asked — you have professional-grade financial oversight. If you regularly have to chase your manager for basic financial information, that gap has a cost.

The number one reason HOA boards stay with management companies they are unhappy with is fear of the transition. Records lost. Banking disrupted. Homeowners confused. Vendors not paid. The board blamed for whatever goes wrong. These fears are understandable — but the chaos is not inevitable.

Step 1: Review your current management contract

Before you do anything else, pull out your existing management agreement and find the termination clause. Most Florida HOA management agreements require 60–90 days written notice to terminate without cause. Some require Certified Mail. Know your timeline before you start any conversations.

Step 2: Do a board vote first

Changing management companies is a board decision — it requires a properly noticed board meeting and a board vote. Do not approach a new management company, sign anything, or send a termination notice before the board has voted.

Step 3: Request proposals before you terminate

Have your new management agreement signed and a start date confirmed before you send the termination notice to your current manager. This eliminates any gap in management coverage and gives you a firm transition timeline to communicate to homeowners.

Step 4: Issue the termination notice properly

Follow your contract exactly. Certified Mail, Return Receipt Requested, to the address specified in the contract. Keep the signed return receipt. The termination clock does not start until the notice is received — not when you send it.

Step 5: Request your records in writing immediately

Florida Statute §720.303 requires outgoing management companies to return all Association records. Issue a written records request at the same time as the termination notice.

Step 6: Trust the 45-day process

A professionally managed transition takes approximately 45 days from contract execution to full onboarding. During that time your new management company coordinates records transfer, banking transition, vendor continuity, portal setup, and resident communication.

In 2024, Florida made undisclosed vendor compensation a criminal offense for HOA managers. Not a contract violation. Not a civil matter. A criminal offense. This change came after years of documented cases where management companies received referral fees, commissions, and other compensation from vendors they recommended to their HOA clients — without the board’s knowledge.

Question 1: Does your management company receive any compensation from the vendors they recommend?

This is the most important question — and you need a written answer, not a verbal one. Florida law now requires management companies to disclose in writing any financial interest they hold in vendors providing services to your Association. Ask for your management company’s current vendor disclosure list.

Question 2: How are vendor bids solicited?

For any significant repair or project, your management company should be obtaining a minimum of three competitive bids. The board should see all three bids — not just a single recommendation.

Question 3: Who approves vendor contracts?

The board of directors approves vendor contracts. Not the management company. A management company that signs vendor contracts without board authorization is operating outside its authority.

Question 4: Are vendor insurance certificates current?

Every contractor working on your property must carry workers’ compensation, general liability, and property damage insurance — with certificates on file and naming the Association as an additional insured.

The Veritas Vendor Integrity Standard

At Veritas, our position is unambiguous. We do not accept any compensation, fee, commission, or gift from any vendor we recommend or work with on behalf of our clients. Every vendor relationship and any financial interest we hold is disclosed in writing to the board in our management agreement — and updated within 30 days of any change. Competitive bids are required for all projects over $500. The board approves every contract before we execute it. This is not just policy. It is written into every management agreement we sign.