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…
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…
Believe it or not, HOA late payments can affect credit scores. When homeowners stop paying their dues or make late payments, their credit scores can take a hit. It can worsen if their missed payments become a lien and a full-blown foreclosure. Can HOA Late Payments Affect Credit Scores? Homeowners in an HOA have…
Should an HOA waive late fees? Board members of an HOA community will likely struggle with this question at least once during their tenure. Before making a snap decision, board members should understand their governing documents. Moreover, it is important to consider the advantages and disadvantages that such an action would bring. Can HOA…
Integrated banking systems for HOAs are designed to bring all financial activities under one digital roof, offering a seamless experience for both administrators and residents. Given the critical role HOAs play, efficient financial management is essential to ensure smooth operations. With an integrated banking system, the days of juggling spreadsheets, manual accounting, and physical bank…
Late HOA dues affect HOA finances in a big way. While homeowners may not see it — often worried about their financial strains — late payments can significantly negatively impact an HOA community. As such, homeowners should always strive to pay their dues on time and consult their HOA board for options in financial struggles.…
Far too many homeowners associations have underfunded HOA reserves, not recognizing the importance that reserves play in a community’s financial stability. To avoid and potentially remedy underfunded reserves, an HOA board must first analyze its situation and determine possible causes. From there, the board can seek the proper solutions and keep the association financially healthy.…