HOA Accounting and Management Articles and Advice
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 management setup, an HOA manager typically…
Tax season is always a stressful time of the year. One of the questions HOA residents commonly ask is, “Are HOA fees tax deductible?” The answer, though, is not as simple. Are HOA Fees Tax Deductible? A homeowners association runs a community by imposing certain rules, preserving its aesthetics, and maintaining various aspects of…
The coronavirus outbreak has forced many businesses to redefine the way they hold meetings. Homeowners associations are not exempt from this. Because board members make decisions during board meetings, most HOAs are concerned about halting operations amid the outbreak. But through HOA remote meetings, your HOA can continue to run without hindrance. In this…
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…
An HOA mobile app can offer significant advantages for homeowners and board members. It can improve communication, streamline operations, and enhance homeowner experience. However, whether necessary depends on various factors, including the community’s needs and budget. What is an HOA Mobile App? An HOA mobile app is a smartphone application designed to help homeowners…
Can you allow homeowners to vote for an HOA contractor? This is a question many HOA boards face, especially during large projects that require significant funds. While the HOA board is typically responsible for selecting contractors, there are scenarios where homeowner input becomes necessary. Regardless, board members should prioritize transparency in all business decisions. …
Who regulates HOA management companies? This is a question many homeowners and board members ask. When you have a problem with your HOA management company, your first thought may be to report them to a governing agency. However, you must understand the relationship between management companies and HOAs before you can do that. Who…
There is often a question of ethics and fairness when an HOA profits from HOA dues. Since a homeowners association exists to maintain the community, its primary goal should not be to earn a profit. It is not a for-profit organization. However, many often wonder if it is legal and what an HOA can do…
If you’re planning a party with holiday guests in an HOA community, you must know plenty of things. Homeowners associations have all sorts of rules; you might break them while celebrating the holidays. However, if you educate yourself and prepare for visitors the right way, you can have a warm and memorable time while upholding…
For many communities, HOA snow removal is a critical service, especially during winter. When snow and ice accumulate, safety becomes a major concern for residents and the board. With proper snow removal, board members can ensure that roads, sidewalks, and common areas remain clear. However, who is responsible for snow removal in the first place?…
Planning the yearly HOA budget is a daunting but necessary task, and many HOA board members need to pay more attention to three critical considerations: inflation, interest, and insurance. Although gradual, these three factors can strain HOA financials, and your community can always prepare for it. What is the Effect of Inflation on the…
When celebrating Turkey Day this year, it’s important for you to remember quiet hours during Thanksgiving. If you live in a homeowners association community, there’s a good chance that you have certain rules to follow, including noise rules. Violating these rules can lead to several consequences, such as notices, fines, and suspension of privileges. …
When an HOA is in debt for years, it can create serious issues for the community. Homeowners associations are responsible for managing common areas, maintaining property values, and ensuring residents’ good quality of life. However, financial mismanagement or unexpected expenses can push an HOA into long-term debt, affecting operations and causing satisfaction to plummet. …
There are several reasons to consider shifting to cloud computing for HOAs. The benefits of a cloud system, especially in comparison to a traditional system, are immense. Both homeowners associations and HOA management companies can streamline processes and improve efficiency significantly. By utilizing cloud computing, communities can step into modern management. What is Cloud…