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.
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…
Can an HOA change rules without a vote? When faced with displeasing rule changes, homeowners often ask whether boards can change the rules unilaterally. Since homeowners are also members of the community, they wish to have a say in everything that goes on. But votes are not always necessary when it comes to rule changes,…
Smart financial planning begins with a sound budget, and the board can create one with the help of an HOA budget calendar. This calendar outlines the board’s timeline, beginning with data gathering and ending with final approval. While budget preparation may seem like a quick and easy process, it actually takes more time than most…
This year, more associations relied on technology in HOA management. Technological advancements tend to move fast, and next year will be no exception. Gone are the days of manual processes and hard copies. Digital tools reshaped daily operations and homeowner interactions this year, and it looks to be more of the same moving forward. …
Can a HOA management company add service fees not included in the contract? This is a common question among board members, especially when they see charges they don’t recognize on the invoice. Managers are supposed to make things easier for the board, but the working relationship can quickly become strained by unexpected fees. Understanding…
Financial-only HOA management can sound unusual at first, but in reality, many communities find it exactly what they need. Boards may assume that management must come in a single, complete package, but that is not always the case. In the end, financial-only management makes sense for associations that want to keep control of day-to-day operations…
An HOA lockbox may sound like a small detail at first, but for many associations, it can make a major difference. Boards always deal with payments, checks, deposits, and the stress of accounting. This is why boards should consider adopting a lockbox system, as it helps bring order to what is usually a messy, time-consuming…
The HOA balcony law is a major piece of legislation in California that boards can’t afford to overlook. When it comes to balconies, decks, and other elevated structures, these may look like ordinary parts of a building, but in reality, they can become serious hazards if the board fails to maintain them. That said, Senate…
Summer is the perfect time to start planning for HOA fall projects. With cooler weather and shorter days, boards will have an easier time scheduling maintenance, repairs, and upgrades. Making these preparations in the fall season also helps ensure that the community is ready for the winter. How to Plan and Budget for HOA…
There may come a time when homeowners would want to push for an HOA board recall. This process can be a tricky one, and certain requirements must be followed to ensure validity. Failure to meet these requirements and follow proper procedures can result in a wrongful recall, which would effectively undo the results. What…
Technology is transforming community management, making it increasingly necessary to learn how to utilize AI for HOA tasks. Artificial intelligence can help boards and managers work smarter, reduce costs, and improve resident satisfaction. When applied carefully, it can streamline daily operations and free up time for board members to focus on the bigger picture. …