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 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…
A conflict of interest in an HOA can threaten the association’s integrity and reputation. As a board member of a community association, you should understand how to recognize and avoid it. In this article, we will give you some tips on how to keep your community association free from possible conflicts of interest. Defining…
A smoothly run homeowners association proactively plans and tracks financial transactions. By not having proper systems in place or not having someone vigilantly keeping track of records, things can go south really fast. Here are some tips to protect your association’s money and improve overall HOA financial stability. The Keys to HOA Financial Stability…
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…
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…
About 350,000 communities have HOAs in the United States. HOA stands for homeowners association. These are residential properties with a board of directors that enforce community rules and regulations. It’s easy to understand the HOA definition; however, there’s more to it than the question, “What does HOA mean?” Here’s a detailed explanation of homeowners associations…