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…
For many homeowners, the holiday season is the time of the year when they can show off their creativity and decorate their houses to their liking. Whether that means putting up an inflatable Santa Claus on the roof or something else entirely is completely at their discretion. For planned communities, though, it is not uncommon…
It is not uncommon for a board member to step down from their position in a homeowners association. But, what happens if all HOA board members resign simultaneously? Is an HOA board mass resignation even permitted? Is an HOA Board Mass Resignation Allowed? Homeowners associations are run by a set of volunteer members elected…
Thanksgiving is here, which means celebrations are afoot. Homeowners associations should take this time to organize Thanksgiving activities for homeowners to promote a sense of community. When residents feel like they belong, they are more likely to be happy. Thanksgiving Activities for Homeowners to Strengthen Community Bond Community camaraderie is important to an HOA for…
A lot of homeowners associations find it hard to reach an HOA quorum. Does that mean quorums are bad and need to be eliminated? Is that even a possibility? What Is an HOA Quorum? A quorum is the minimum number of members required to be present at a meeting before the HOA can conduct…
A breach of confidentiality in HOA communities is a serious offense, and one that can come with significantly dire consequences. If you encounter such a problem in your association, it is important to know how to proceed. Breach of Confidentiality in HOA: Understanding Your Fiduciary Duty In homeowners associations, the subject of confidentiality is…
A tenant lease agreement is just as important to a landlord as it is to a homeowners association. Without one, a number of legal complications can arise. What Is a Tenant Lease Agreement? A lease agreement is a contract that legally binds a landlord and a tenant. It serves as proof of the relationship…
Due to concerns over not being able to hold elections, many associations are facing an issue over something called an illegitimate HOA board. But, what exactly makes a board illegitimate? What Is an Illegitimate HOA Board? At the helm of every homeowners association sits a group of members known as the HOA board. While…
Most homeowners associations go through an election season for board members. Here is everything you need to know about HOA elections. What Are HOA Elections? Every homeowners association is run by a set of volunteer members from the community known as the HOA board. In most associations, members are nominated and then elected into positions.…
Most homeowners associations have an architectural review committee. But, what exactly does this committee do? Do they hold absolute power over architectural changes in the community? What Is an HOA Architectural Review Committee? An architectural review committee (ARC) consists of members responsible for maintaining the architectural standards of the association. Most homeowners associations have…
Large-scale investors prefer to buy up properties in homeowners associations. But, do institutional investors in HOAs have a positive or negative effect on the community? Institutional Investors in HOAs: What They Do Institutional investors are entities that accumulate funds to buy real estate and other assets. Within the context of homeowners associations, institutional investors…