HOA Accounting and Management Articles and Advice
The coronavirus outbreak has led to temporary business closures and a reduction of workdays. As a result, more homeowners are unable to pay their HOA dues. This is when HOA remote management during coronavirus becomes all the more important. In this article: Benefits of HOA Remote Management During Coronavirus The Importance of HOA Dues…
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. In this article: HOA Financial Reports and…
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.…
Christmas lights have always been and always will be part of homeowners association holiday decorations. However, it’s still important to establish holiday lighting rules to maintain the aesthetics of your community. Here’s how to determine which rules are fair and which aren’t. Why Do You Need Holiday Lighting Rules? Decorating your home with Christmas…
Homeowners association insurance is a costly but a worthwhile expense because it offers financial protection in cases of damages or losses within the community. However, there are still plenty of HOA boards that do not realize the importance of HOA insurance. To ensure that your community is adequately protected, here are the most important HOA…
Part of residing in a homeowners association community is having to pay regular dues and the occasional HOA assessment. But, what is an assessment fee anyway? And does it really differ from HOA dues and fees? In this article: What Is an HOA Assessment?How Are HOA Assessments Determined?Can You Write Off Special Assessments?How to…
Is your homeowners association charging you an initiation fee? Are you wondering if the association even has the right to impose such a fee against you? Here is everything you need to know about an HOA initiation fee. In this article: Understanding the Legalities of an HOA Initiation FeeDifferentiating Between an HOA Initiation Fee…
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…
It is not often that homeowners associations encounter excess operating funds in their budget. But, in the event that you do, you must know the proper way to deal with them. Here is everything you need to know about HOA surplus funds. In this article: What to Do With HOA Surplus FundsCheck Your State…
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. In this article: What Is an HOA Loan?Why Are HOA Loans Necessary?The Benefits of HOA LoansThe…
Every homeowners association is different, but most will run into the same basic problems. One such problem has to do with running an HOA home business. More specifically, should the association allow it? In this article: Determining the Legality of an HOA Home BusinessCan You Run a Business Out of Your Home?Check Your Governing DocumentsWhat…
Homeowners are often surprised to discover additional fees and documents that are required before they can sell their property. For those who have received an HOA demand payoff letter, know that you are required by law to submit this requirement. To make the process clearer, here’s what you need to know about an HOA demand…
