One of the essential duties of the HOA board is to review the annual budget and make adjustments when necessary. Unfortunately, not every budget will have enough wiggle room especially when it comes to operating expenses. The good news, however, is that there are other measures that can help trim your budget to more manageable…
HOA record keeping is more than just filing documents into a folder and stuffing them in a desk drawer to gather dust. It requires meticulous organization and an intricate system to carry out correctly. Unfortunately, not all HOAs have a good method for keeping records. HOA Record Keeping Done Right Sorting through a stack…
No community will ever be immune to homeowners association fraud, embezzlement, or mismanagement. Although no one wants to look upon other board members with suspicion or doubt, there are always risks when dealing with HOA finances. Board members should be on the lookout for red flags that may indicate that funds are being handled incompetently…
The management of a homeowners association involves several parts, the most confusing of which is financial management. HOA boards with no experience in preparing financial statements and filing taxes often look to professionals for help. Here is why a CPA for an HOA is essential and how to find the right one. In this…
As a homeowners association (HOA) member that pays fees each month, it’s only right that you know what your money is being used for. One of the most important tasks of an HOA board is to allocate these funds. HOA fees are usually distributed to two accounts: operating funds and reserve funds. While both accounts…
How much does an HOA audit cost? As board directors go over their HOA audit fees, they often wonder if the cost of HOA audit is money well spent. An homeowners association audit does not come cheap. Given the average cost of an audit, paying for a specialized one for an HOA can get costly.…
Break out your year end accounting checklist, time to close out the year end accounts. Check every box of your fiscal year end closing procedures. Cross out each line of your accounting closing checklist. It’s a lot of work, but we hope this year end closing checklist helps you with your accounting year end procedures.…
Many board members misunderstand their role when it comes to homeowners association accounting. This becomes a big problem when a financial issue you must handle arises. It’s important to become well-versed in all accounting aspects to better perform your duties in an HOA. Understanding Homeowners Association Accounting Being a member of an HOA board…