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.…
Whether you are aware of them or not, HOA bank statements are a necessary tool in assessing the financial health of your organization. But, for many people, understanding bank statements is an uphill battle. Here is everything you need to know about HOA bank statements. What Are HOA Bank Statements? HOA bank statements, also…
What are reserve funds? Homeowners association reserve funds are one of two principal accounts necessary to manage your community. As a homeowner who pays monthly dues, you should understand the purpose of reserve funding and how it is used by the association. Here’s everything you need to know about HOA reserve funds. What Are…
Some HOA board members might consider accounting boring or difficult, but its role in financial stability is undeniable. Before anything else, your HOA must decide on a basis of accounting to use for financial reporting. While the cash basis for HOA financial statements is the easiest, it’s not exactly the best. Using Cash Basis…
The financial responsibilities of HOA boards are far-reaching and wide. While some of these responsibilities are obvious, others may surprise you. Let’s break down the many financial duties you, as a board member, must fulfill. Remember These Financial Responsibilities of HOA Boards As a member of an HOA board, you are representing your entire…
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…
Can HOA fees go up, and when do do, how much can HOA fees increase? These are some questions many HOA members often ask about their homeowner dues. How often do HOA fees go up depends on the circumstances of a community. As a community manager, you have a lot to manage when it comes…
The financial health of an HOA is an important matter not just for the HOA board, but also for members as well. How would you know about the fiscal health of the HOA? There are many ways to check HOA’s financial health. Your home and neighborhood are always worth the time to look into your…