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. HOA Financial Reports and The Board’s Responsibility…
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…
HOA back-office administration services are critical to any community, but they can also take up a lot of time in a workday. An HOA board must learn to balance these often prosaic tasks with other decision-making responsibilities. In this article: Wasting Time on HOA Back-Office Administration ServicesWhat Are HOA Administrative Tasks?1. Managing Maintenance Requests2.…
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? In this article: Can an Association File for HOA Bankruptcy?The Two Types…
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. In this article: Learn to Prevent HOA Fraud in Your CommunityTypes of HOA FraudHow to Protect Your Community from Homeowners Association Fraud1. Require Two Signatures2. Have a Policy for…
Many homeowners associations have residents who are behind on their assessments. There are many ways to collect these late delinquent dues, one of which is by setting up HOA payment plans. In this article: HOA Payment Plans: Are They a Good Idea?Is It Required to Offer an HOA Re-Payment Plan for Delinquent Homeowners?HOA Payment…
Regardless of where your HOA is located, it is important to consider how to improve your organization each year. HOAs that are always forward-thinking and set out to achieve attainable goals will have a great deal of respect from their residents, along with smart financial management. If you are considering how to set SMART goals…
Set HOA goals at the start of each year. It’s a great way to use that fresh start to think forward to the yearly goals of the HOA you want to aim for. In your HOA Goal-setting session, think about the ways you can improve your association. What are HOA goals that you want to…
