Preparing your homeowners association annual budget takes a lot of time and effort. But, HOA budget presentation is an entirely separate undertaking — one that not many people know how to do. Thankfully, there are some tips you can adopt to effectively present HOA budgets to your community. Present HOA Budgets the Right Way…
Everyone knows how confusing governmental processes can get. The Federal Housing Administration is no exception. If you are considering FHA condo approval for your community, here are some of the things you ought to know. Common Questions About FHA Condo Approval Answered There has been a great deal of debate about how to successfully…
When relocating to a new state, it’s important to be aware of new legislation that can affect your housing circumstances. Established residents should also remain informed about housing developments and what protections they have. This is particularly true in the state of California where the Accessory Dwelling Unit law was just passed. What Is…
As volunteers, HOA board members are not always able to sufficiently manage their responsibilities, either because of a lack of expertise or due to time constraints. One of these responsibilities is to handle the financials of the association. A good way to make sure you are covered, financial management-wise, is to outsource HOA accounting services…
What is an HOA reserve study, and should you do it now? If you’re one of the board members and wondering what HOA reserve studies are for, this might just be the right time to learn more. A homeowner association reserve study is always a useful tool to have for budgeting. It’s true whether you…
Knowing what the HOA standard financial statements are as well as how these documents represent the movement of money within a homeowners association, are vital for transparency and accuracy. Homeowners pay monthly/annual dues. The last thing they’d want is to be kept in the dark as to where the funds are being allocated. Standard…
Proper HOA board budgeting is crucial in keeping an association operating year after year. However, issues may come up in a self-managed board with no financial experts in the team. HOA board budget mistakes can lead to serious conflicts between the HOA board members and homeowners. It’s the last thing any HOA management team wants…
HOA audit time is always a busy time for associations. At the end of the year, HOA board members have to start considering whether they need to get a financial audit started. Usually, it is a toss-up between getting a financial review vs audit for HOA books. For some HOAs, there is a need to…
HOA accounting is a vital part of operating a homeowners association, but it can be very tedious and difficult. Because it is so important, you want to avoid inaccurate or incomplete financial reports at all costs. The first step to financial success is to use the best HOA accounting method. The Three Types of…
Your homeowners association reserve fund plays a crucial role in maintaining community assets. To determine the necessary amount, you need to conduct an HOA reserve study. Since there are a lot of strict requirements involved, the process can be quite complex. If you want to properly establish an HOA reserve fund, it may be beneficial…