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Utah Communities: Safe and Sound Finances for Your HOA

Many community organizations struggle with aging infrastructure. They need good plans to save  money for repairs and replacements. This helps them stay strong financially in the long run. In  short, keeping your Utah community thriving takes planning for the future.

Reserve Funds Made Easy for Utah HOAs

Dawn M. Bauman, CAE, CAI‘s chief strategy officer and executive director of the Foundation for  Community Association Research, emphasizes the importance of regular updates to reserve  studies: “Community association boards are tasked with protecting and preserving buildings  through maintenance, planning, funding, and at times, structural inspections. CAI advises  regular updates to reserve studies, enabling effective planning and budgeting for ongoing care,  repairs, and replacements of major common area components. This ensures sustained safety  and functionality, supporting long-term community well-being.”

“For HOAs, it is important to manage the financial responsibility of maintaining infrastructure and  equipment, which can be challenging”, says Kenny Matthews. Kenny, along with Bronzson Woods, are Utahns who head up Landing Rock’s sales group devoted to serving HOAs. “Our  customers see the importance of reserve studies which assess the state and anticipated  lifespan of important common area elements. They’re also seeing the value of putting the cash  to pay for those future investments in a safe place which earns high interest,” says Bronzson  Woods.

The Landing Rock Insured Deposit Account

The goal of the 2008-founded Landing Rock, an online cash management company, is to be the  best cash management provider to HOAs. The best tool for HOAs is the Landing Rock Insured  Deposit Account which is federally insured up to $50 million per account and offers daily liquidity  and high interest. One handy attribute of the IDA is that HOAs don’t need to change their  existing banking relationship. They can simply link their present bank accounts to the IDA,  making it easy to transfer money back and forth. The IDA provides 24/7 access to account  information through an easy-to-use website and daily access to money to ensure that cash is  always available when needed. It also offers access to hundreds of certificates of deposit  offered by banks and credit unions nationwide, updated twice daily. For longer-term finances,  HOAs and their financial advisors may decide high yield CDs with ending dates that match their  project schedules are an excellent option.

Today, in addition to HOAs, Landing Rock serves customers such as individuals, small  businesses, large corporations and public entities such as school districts. In just a few minutes,  clients can create an account online. Following account creation, customers can safely access  their accounts online, make transactions, see their transaction history and monthly statements,  connect their bank and brokerage accounts, and enjoy complete federal insurance coverage.

Testimonials

Of her experience with Landing Rock, Connie Pellegrino, Board President of Canyon View  HOA, says, “In January of this year, I took office, and in February or thereabouts, I had all our  funds transferred to Landing Rock. The experience working with Landing Rock and Bronzson  Woods has been incredibly positive. When I phone him, his response is immediate. If he is  unavailable, he has Kenneth phone me back. Bronzson is always patient and gives me accurate  information. Working with Landing Rock has made my life much easier.”

Joel Prince, the Owner of Utah Management, states, “I started using Landing Rock at the  beginning of 2024. Investing money for homeowners’ associations in CDs has always been very  difficult and hard to track. In six months, I have invested over 1 million dollars using Landing  Rock’s dashboard. It has been very easy to invest money from our HOAs and get competitive  interest rates. Our homeowners are happy to be getting the best returns out of their money.”

Conclusion

Reserve funds are important and need to be invested wisely. Landing Rock makes managing  reserve funds easy and secure. With higher interest rates, online access, and access to  certificates of deposit, you can build a strong financial future for your community.

Disclosure: Insights content is not financial advice. Please be sure to do your own due diligence and speak to your financial advisor before making any investment decisions.