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…
Are homeowners associations required to vote on special assessments? This is a question that many association boards and residents ask. Voting is a way to obtain express agreement from members, but it may not always be necessary. The answer ultimately depends on the community. Should an HOA Vote on Special Assessments? Special assessments are…
HOA violations are among the most frequent challenges that boards must manage in their communities. These issues can disrupt harmony, reduce property values, and lead to conflict if left unchecked. To maintain standards and protect shared interests, HOA boards must take a proactive approach. Understanding the most common violations and how to reduce them is…
A 4th of July parade is a great way to celebrate Independence Day in an HOA community, but planning one can be challenging. This guide will help associations and their residents organize a neighborhood-wide parade that everyone can enjoy. The 4th of July Parade: A Classic Celebration There are many events a homeowners association…
While managing the community, an HOA board handles a wide range of homeowner information, making HOA data privacy a critical responsibility. This also makes privacy protection a core responsibility. Boards must ensure that all data remains safe, secure, and accessible only when necessary. Homeowners trust the association to handle their information with care. The…
Believe it or not, a wealth of conflict can stem from the pruning of a tree, especially in a homeowners association. There are differing responsibilities when it comes to landscaping and maintenance in HOAs, and considerable confusion can arise. Disputes primarily relate to whether or not the responsibility lies with the individual homeowner, their neighbor,…
What is the right way to celebrate Memorial Day? With the long weekend approaching, Americans might wonder if there is even a correct way to honor fallen heroes on this monumental holiday. While there is nothing wrong with spending quality time with friends and family or doing summer activities, it’s important to acknowledge the true…
The HOA election of officers is an essential process in any homeowners association. It determines who will lead the community. HOA boards rely on fair elections to maintain order and trust. Associations must follow legal and procedural rules during every election, and these rules can differ depending on both state laws and the HOA’s own…
When faced with HOA donations, many homeowners associations have no idea how to proceed. Donations are great because they improve cash flow, but they can also have certain tax and legal implications. Board members don’t always know whether or not they can accept donations. Even when they can, most HOA boards don’t know how to…
A homeowners association has several HOA income sources available to them. Most only know of regular dues, special assessments, and monetary fines, but these can be very limiting. An HOA can earn revenue in other ways without raising fees or levying hefty special assessments. Board members should understand these ways and take advantage of them.…
Understanding the legal liabilities of HOA board members is critical to smooth leadership and operations. Board members volunteer their time and services to help the association. However, the role also comes with its fair share of legal hazards. Board members often expose themselves to possible liability simply by representing the HOA. What are the…