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…
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…
Unfortunately, it’s not uncommon to find suspicious financial activity in HOA communities. HOAs hold a lot of power over community life. The board and staff are responsible for managing the HOA’s finances to ensure smooth operations. Not all of them are trustworthy, though, so fraud can happen. Here’s what to do if you suspect illicit activity…
The HOA resale package plays an important role in the sale process of a home in an HOA community. Both buyers and sellers should understand what a resale package is and what its contents are. Similarly, board members and community managers alike should prepare themselves to provide this package when faced with a request. …
Upon receiving a violation notice, most homeowners’ first instinct is to fight HOA fines. Homeowners associations charge fines to deter violations and help keep the community orderly. Not all homeowners feel that they deserve to be slapped with a fine. Homeowners who believe they have done nothing wrong often think of ways to dispute the…
Should the HOA board get paid? When faced with a shortage of potential candidates, some associations toy with the idea of offering a salary to those willing to serve on the board. In other communities, the board members themselves call for a salary. However, providing compensation to board members can quickly blur the lines on…
Labor Day provides an opportunity to honor those who provide essential services to local communities. From firefighters and policemen to postal workers, here’s how HOAs can go about honoring community workers this holiday. Who are the Community Workers? People often do not notice the individuals who provide them with essential services. However, these unsung heroes…
HOA architectural review committees oversee architectural requests and submit them to the board for approval. Through the process, the board can review physical modifications and ensure they follow the rules. However, as a homeowner, this process can be frustrating to go through. The application can be long and tedious. What’s more, there are times when…