Many homeowners associations mistakenly believe that they require full-service management for smooth operations. However, this kind of mindset might cause associations to overspend on an expense they don’t even need. What Is Full-Service Management? Full-service HOA management refers to professional management performed on-site. With a full-service setup, an HOA manager typically works within the…
Practicing checks and balances in your HOA is a good way to protect the association’s funds, but not many boards even know where to begin. Fortunately, there are some steps you can take to ensure you keep your finances in check. The Importance of Establishing Checks and Balances in Your HOA Homeowners associations deal…
As an HOA board member, finding vendors for your HOA is one of your most important duties. Unfortunately, many boards opt to settle for cheap vendors that deliver poor results all in the name of saving the association money. What these boards don’t know, though, is that vendor selection can impact the HOA’s bottom line.…
In a homeowners association, what is the role of the finance committee? For some, an HOA financial committee is a prerequisite to success while others do not seem to be convinced of its importance. When it comes to your HOA, do you really need a finance committee? Here’s what you need to know to answer…
Homeowners associations rely on a constant stream of funds in the form of assessments to cover the community’s operating expenses. But, there might come a time when this stream is interrupted for whatever reason, necessitating an HOA loan. What Is an HOA Loan? Simply put, an HOA loan is a sum of money your…
Whether due to an economic downturn or other reasons, homeowners associations are not exempt from financial issues. The situation can degenerate even further to the point that an HOA is forced to consider bankruptcy. But, is HOA bankruptcy even a viable option? Can an Association File for HOA Bankruptcy? In a word, yes. Much…
Like businesses, homeowners associations experience fraud on a regular basis. Luckily, there are some things you can do to safeguard your community from HOA fraud. Learn to Prevent HOA Fraud in Your Community Believe it or not, there are many cases of HOA fraud across the United States. After all, a homeowners association is…
Managing and overseeing the finances of your HOA should be one of the board’s main priorities. That said, many HOA board members may not have experience with HOA financial reports. If you still have questions about financial reports of your association, here’s what you need to know. HOA Financial Reports and The Board’s Responsibility…
Preparing your homeowners association annual budget takes a lot of time and effort. But, HOA budget presentation is an entirely separate undertaking — one that not many people know how to do. Thankfully, there are some tips you can adopt to effectively present HOA budgets to your community. Present HOA Budgets the Right Way…
As volunteers, HOA board members are not always able to sufficiently manage their responsibilities, either because of a lack of expertise or due to time constraints. One of these responsibilities is to handle the financials of the association. A good way to make sure you are covered, financial management-wise, is to outsource HOA accounting services…