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 setup, an HOA manager typically works within the…
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…
Not every board member knows there may be a tax exemption for HOA communities. After all, not everyone is aware of HOA-related laws and legal processes. However, homeowners associations should remember this as it may impact their community’s finances. Tax Exemption for HOA Communities Many homeowners only care about whether or not HOA fees…
Can an HOA raise dues? It’s not an uncommon occurrence among homeowners associations. There are legitimate reasons for it as inflation rises and the cost of goods and services increases. But, it must be handled carefully as it’s often a source of conflict within HOAs. Can an HOA Raise Dues? In the United States,…
Are you working on Labor Day? Labor Day is a federal holiday, and most employees get time off from work on this day. While Labor Day weekend is often spent with family and friends, there are some people who spend this holiday at work. Whether or not you should do the same, though, depends on…
HOA risk management is a vital part of running a homeowners association. After all, every residential community has many risks involved. Insurance may be helpful, but HOAs must have a good risk management strategy in place to ensure success. What Is HOA Risk Management? Homeowners associations often function like a business. As a result,…
Proper HOA conflict resolution is necessary for successfully managing a homeowners association. However, too many board members are left without direction when faced with disputes. Fortunately, some proven tactics can help even the most inexperienced HOA board deal with conflicts, whether they are conflicts between homeowners, board members, or a mix of the two. …
An HOA capital improvement can tremendously impact the appearance and quality of life in your community. However, too many HOA boards don’t even know what a capital improvement project is. They confuse it with maintenance work and, therefore, mistakenly use the wrong funds to pay for capital expenditures. Board members should familiarize themselves with capital…
The Open Meeting Act is an important aspect of establishing an effective HOA. It may not apply to every homeowners’ association in the US, but it is worth understanding. The law has many implications for HOAs. Moreover, understanding it can be helpful to conduct more productive meetings. What Is the Open Meeting Act? The…
Bringing out Fourth of July cocktails is a wonderful way to celebrate the holiday. What’s a celebration without a few fun drinks? But, it can be a little daunting to choose the right recipe for the occasion. We’re here to help. Here are a few cocktail recipes for the 4th of July parties you can…
There are different types of HOA meetings, each one with a specific purpose. Understanding the function of these meetings and what goes on in them is critical to both board members and homeowners. This will allow board members to conduct meetings more efficiently and homeowners to identify which meetings they should attend. What Is…
There is a lot more that goes into selling a house in an HOA than one might think. Sellers must prepare certain documents and make certain disclosures to potential buyers prior to closing. This is because not everyone wants to live in a community managed by a homeowners association. Some states even mandate sellers to…