The ideal bank for a community association is not necessarily the same one you would use for your personal savings. Knowing what to look for in a bank for an HOA, however, can make such a huge difference in the ease of your HOA finances. In this guide, we’ll take a look at how to…
Homeowners association fees are collected in most — if not all — planned residential communities. If you’re thinking about joining one, it’s normal to ask questions like, “What are HOA fees?” and “What do HOA fees cover?” In this article, we will provide an in-depth explanation of HOA fees and what they are used for…
Seasoned board members agree that knowing your association’s finances is essential for making good decisions for the HOA. But, an HOA’s finances are only as good as the system it follows. As such, every association must have a strong HOA financial system as a foundation. Have an Effective HOA Financial System in Place Keeping…
Having the finances well-organized in your community association is essential to maintain a great reputation amongst current and future residents. Many HOAs are not responsible with their finances, which causes them to not operate at their maximum potential. If you want to avoid money problems down the road, consider these financial tips for an HOA.…
A homeowners association budget is essential for the success of your community, but HOA budget planning isn’t easy. You need to organize your finances to cover all maintenance costs, capital improvement projects, and other community expenses. A proper community association budget keeps property values high and ensures the well-being of your residents. Here are important…
Managing your HOA budget is no easy feat. Many HOA boards are learning how to manage the community association budget as they go along. As a result, budgeting mistakes can become a regular part of HOA budget management in your community. However, community association budget management does not need to be a costly learning experience…
When you create your next community association budget, you will likely make some decisions that are unpopular with certain members of your community. To avoid unnecessary conflicts with community members, it is important to make residents feel like they are included in the budget process. Practicing budget transparency makes residents feel important and limits potential…