Improving the financial sustainability of a homeowners' association

• Main Author: Florendo, Patricia Marie C.
• Format: text
• Language: English
• Published: Animo Repository 2021
• Subjects: Homeowners' associations > Finance; Business Administration, Management, and Operations
• Online Access: https://animorepository.dlsu.edu.ph/etdm_manorg/25; https://animorepository.dlsu.edu.ph/context/etdm_manorg/article/1012/viewcontent/Florendo2.pdf
• Institution: De La Salle University

Whether it is a Profit Organization or a Non-profit Organization, organizations require enough finances to run their day-to-day operations. Having enough funds is important in making decisions for the organization. This study focused on improving the financial sustainability of a homeowners’ association by using different strategies that will help the organization improve its financial state. In the first cycle, the issues were identified through observation and an intensive walkthrough regarding the association's finances. We conducted different strategies that helped our association increase funds through inquiry and collaboration with the board members and some members. The identified strategies are Sending Billing through Statements of Accounts to delinquent members, introducing GCash as another mode of collection, decreasing board member discount, and decreasing cash discount for full-time payers from 10% to 5%. Through these strategies, we were able to reduce the number of delinquent members. We improved the collection based on the implementation, testing, and evaluation that happened in this cycle. Improving the collection and maintaining the finances for the association's monthly expenses was done in this first cycle. In the second cycle, we continued to improve our finances through continuing the first cycle strategies and implementing fundraising, which is the selling of vehicle stickers. The homeowners’ association was able to increase its collection above its break-even. Through this additional fund, officers have enough budgets to execute projects that will benefit the subdivision and the members. Overall, the researcher was able to improve the financial sustainability of the homeowners’ association.