Should an HOA waive late fees? Board members of an HOA community will likely struggle with this question at least once during their tenure. Before making a snap decision, board members should understand their governing documents. Moreover, it is important to consider the advantages and disadvantages that such an action would bring. Can HOA…
An HOA collection policy is integral to the success of any homeowners association. Without such a policy in place, board members will find it difficult to collect past-due fees, thereby putting the association at risk of financial ruin. What Is an HOA Collection Policy? An HOA collection policy is simply an internal policy that…
In an effort to encourage members to pay their dues on time, homeowners associations impose certain consequences for late or lack of payment. One of these consequences is to suspend delinquent owners voting rights. But, is that even allowed? On the Subject of Delinquent Owners Voting Rights Homeowners associations work in much the same way…
Just like any other organization, homeowners associations can also suffer from bad debt. But, what exactly does HOA bad debt look like? And would exposing the association’s debtors solve its problems? What Is HOA Bad Debt? In business, bad debt is a monetary amount that a debtor owes a creditor. It is deemed a…
Many homeowners associations have residents who are behind on their assessments. There are many ways to collect these late delinquent dues, one of which is by setting up HOA payment plans. HOA Payment Plans: Are They a Good Idea? Assessments are the lifeblood of any homeowners or condominium association. Without assessments, an HOA would…
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.…
HOA special assessments can be a source of friction between the board and community members. What is a special assessment, and how does HOA special assessment rules affect residents? Can an association just call for an HOA assessment or a condo assessment in the case of high-rise communities? Let’s take a look at why HOAs…
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…
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…
Delinquent payments are one of the hardest things to deal with as an HOA board because you may be dealing with people who are your friends and neighbors. Although there are certain strategies for avoiding delinquent payments, every board will likely encounter this problem at some point. When you do, here is how you should…