Most HOA Boards Have Never Had a Second Set of Eyes on Their Books.
You approve the financials every month. But approving a report and understanding what is behind the numbers are two different things.
We independently examine your association's financial activity for avoidable late fees, unusual vendor charges, duplicate payments, budget variances, reserve issues, management fees and other financial red flags your board may never have been shown.
- 12
- months reviewed
- 4
- documents to start
- $0
- preliminary scan
- Written
- findings, plain English
No obligation. No management-company change required. Not a CPA audit or statutory review.
in potential savings and financial issues identified through association financial analysis.*
in avoidable late fees identified at one association.*
*Figures reflect issues and potential savings identified during association financial analysis. Methodology and supporting documentation available on request.
Most HOA financial problems aren't fraud. They're drift.
- Bills start being paid late.
- A vendor quietly raises a rate.
- A management fee gets coded incorrectly.
- A reserve contribution isn't made.
- An old contract keeps renewing.
Nobody notices one small problem. Then another. Then another. Three years later, the board is wondering where the money went.
Underfunded reserves are the most expensive form of drift. See how a reserve study keeps HOA reserve funding on track.
Four places association money quietly goes sideways
Money leaving the association
- — Late fees and avoidable interest
- — Duplicate invoices and double payments
- — Vendor rate increases
- — Unnecessary or unexplained charges
Management & accounting
- — Management fees against the agreement
- — Ancillary and pass-through fees
- — Expense coding issues
- — Bank reconciliation concerns
Budget & reserves
- — Budget-to-actual variance
- — Reserve contributions actually made
- — Reserve-study alignment
- — Unexpected or unbudgeted expenditures
Collections & compliance
- — Delinquency levels and trends
- — Collection activity and follow-through
- — Insurance coverage and premiums
- — Tax and accounting documentation
7 signs your HOA needs a second look
- 01Your monthly financial package looks the same every month, no matter what happened.
- 02Nobody on the board can explain a specific line item without asking the manager.
- 03Assessments have gone up, but the reserve balance hasn't.
- 04Vendor costs have crept up without a new bid in years.
- 05Late fees or interest appear on association bills.
- 06The management agreement has auto-renewed more times than the board can recall.
- 07You approve the financials because they arrive, not because you've reviewed them.
$11,000 in late fees, found in a single year
At one association, bills simply weren't being paid on time. Not dramatically — a few days here, a couple of weeks there. Each individual late fee was small enough that nobody flagged it in a monthly financial package.
Added up across twelve months of vendor and utility billing, it came to roughly $11,000 the association never needed to spend. No fraud. No missing money. Just a process nobody was watching — which is exactly what a second set of eyes is for.
Read the full Pine Brook case study, with footnotes and methodology →
Four steps, no obligation
You send four things
Most recent financial statement, current budget, management agreement, and basic association information.
We run a preliminary scan
A focused look for the patterns that most often indicate avoidable cost or financial drift.
We tell you either way
If nothing stands out, we say so. No manufactured findings, no pressure.
You decide on the full check
If something warrants investigation, you can commission the full Financial Health Check.
What a full Financial Health Check includes
Complimentary Financial Health Scan
Preliminary risk assessment from your statement, budget, and management agreement.
HOA Financial Health Check
A 12-month operational financial assessment, scoped to association size.
Deep-Dive Financial Analysis
Complex investigations, older records, and vendor reconciliation — with board approval.
Board Findings Presentation
Findings, recommended questions, and next actions presented to your board.
We know where to look
We review association financials through the lens of people who work with HOA budgets, vendors, reserve activity, management agreements and association books every day. A general bookkeeper reads a balance sheet. Association work is knowing which line items drift, which vendor categories creep, and which fees are supposed to be in the management agreement in the first place.
It is the same discipline behind our finance-only HOA accounting services and our full Twin Cities HOA management services.
Why we know where to look
HOA Financial Health Check is an affiliate of RSP Management, a Twin Cities association management company. That matters because our perspective isn't theoretical. We work with association budgets, vendors, reserves, assessments and financial reporting in the real world.
Yes, RSP also manages associations. If you ever decide your current management relationship isn't working, RSP would welcome the opportunity to be considered. But changing management companies is never required to use — or benefit from — the Financial Health Check.
If your board is weighing that decision, read our guide to switching HOA management companies and what to expect from an HOA management company.
Financial Health Check vs CPA review vs CPA audit
| Financial Health Check | CPA review | CPA audit | |
|---|---|---|---|
| Purpose | Operational financial oversight for the board | Limited assurance on financial statements | Opinion on financial statements |
| Performed by | HOA financial analysts (RSP affiliate) | Licensed independent CPA | Licensed independent CPA |
| Looks at | Vendors, fees, late charges, reserves, budget variance | Statement presentation and analytics | Statements plus substantive testing |
| Satisfies MN statutory review | No | Yes, where required | Exceeds review |
Not sure which one your association is required to have? Start with our plain-English overview of Minnesota HOA law and MCIOA board obligations.
40+ unit professionally managed associations
- — Board presidents
- — Board treasurers
- — Board directors
- — Finance committees
Self-managed associations
Self-managed boards can use the Financial Health Check too — but it's built first for boards who already pay a management company and want independent confirmation that the money is being handled well.
Questions boards ask before they start
- Is the Financial Health Check the same as a Minnesota statutory financial review?
- No. Minnesota law uses “review of the association's financial statements” to describe a formal engagement performed by a licensed, independent CPA. The HOA Financial Health Check is not a CPA review, a compilation, or an audit. It is an independent operational and financial oversight analysis designed to help a board understand where association money is actually going.
- Do we have to change management companies?
- No. Nothing about the Financial Health Check requires a change in your management relationship. Most boards use it to ask better questions of the manager they already have.
- Who is affiliated with the Financial Health Check?
- HOA Financial Health Check is an affiliate of RSP Management, a Twin Cities association management company. We disclose that up front, on purpose.
- What does the complimentary scan cost, and what does the full engagement cost?
- The preliminary scan is complimentary. If something warrants a closer look, the full 12-month Financial Health Check is quoted before any work begins. Deep-dive investigative work beyond that scope is billed at $150/hour, only with board approval.
- What do you need from us to start?
- Your most recent financial statement, current budget, management agreement, and basic association information. That is enough for a preliminary scan.
- What if you don't find anything?
- We tell you that, plainly. A clean scan is a legitimate outcome and a useful one for a board's records.
Board resources behind the Health Check
HOA financial oversight, explained
The monthly reports every board should read, the questions that surface problems early, and the controls that cost nothing.
Read the guide →HOA management company oversight
Reading the management agreement, auditing ancillary fees, and running an honest annual performance review.
Read the guide →HOA expense & vendor oversight
Vendor rate creep, duplicate invoices, avoidable late fees, and the bidding standard that stops them.
Read the guide →Minnesota HOA financial requirements
Budgets, reserves, annual statements, CPA review thresholds, records access and resale disclosure under MCIOA.
Read the guide →Your board still has to understand it.
The HOA Financial Health Check gives your board an independent look at expenses, fees, vendors, reserves, payments and financial-management red flags — without requiring you to change management companies.