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…
When you reside in a property that belongs to a homeowners association, you are asked to pay regular dues. But, many homeowners still don’t fully grasp what these payments are for and how they are computed. So, what are HOA dues? And does it really matter if you stop paying them? What Are HOA Dues?…
HOA, POA, and COA: many aspiring homeowners get confused with these acronyms. Many owners have to decide whether they want to work with any form of HOA, POA, or COA when they are trying to find a new place to live. Read here to learn more about these different types of associations. HOA, POA…
Many homeowners associations are still using traditional check payment methods. Not only does this take up a lot of time and slow down your cash flow, but it can also cause inconvenience to your residents. With the advent of new technologies such as the internet, you can easily start collecting HOA fees online. While integrating…
An HOA statement of receivables, or accounts receivable statement, is a document that details the outstanding charges owed to the community association. This can be from sources such as overdue assessments, vendor credits, late fees, or any other outstanding source of income. It is essentially a list of every account that still owes the HOA…
Among the many financial statements of an organization, the income statement is one of the most essential. But, what does an HOA income statement include? And what purpose does it serve a homeowners association? Let’s find out. What Is an HOA Income Statement? To put it simply, an HOA income statement shows the revenues…
A homeowners association must keep track of its financial transactions to accurately report and assess its financial health. In order to do this, you must have a central location and an organized procedure for recording your finances. Enter the HOA general ledger. In this artcle: What Is a HOA General Ledger? The Importance of…
Hiring an HOA financial manager is a crucial decision for any community association. The financial manager for an HOA does more than just accounting and banking. They provide expert financial management, just like most professionals in that area. More importantly, they specialize in HOA fiscal management, which makes them extra valuable for an HOA board.…