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…
Is your homeowners association charging you an initiation fee? Are you wondering if the association even has the right to impose such a fee against you? Here is everything you need to know about an HOA initiation fee. Understanding the Legalities of an HOA Initiation Fee Anyone would feel apprehensive about paying fees they…
In a homeowners association, what is the role of the finance committee? For some, an HOA financial committee is a prerequisite to success while others do not seem to be convinced of its importance. When it comes to your HOA, do you really need a finance committee? Here’s what you need to know to answer…
It is not often that homeowners associations encounter excess operating funds in their budget. But, in the event that you do, you must know the proper way to deal with them. Here is everything you need to know about HOA surplus funds. What to Do With HOA Surplus Funds A lot of factors can…
Homeowners associations rely on a constant stream of funds in the form of assessments to cover the community’s operating expenses. But, there might come a time when this stream is interrupted for whatever reason, necessitating an HOA loan. What Is an HOA Loan? Simply put, an HOA loan is a sum of money your…
Every homeowners association is different, but most will run into the same basic problems. One such problem has to do with running an HOA home business. More specifically, should the association allow it? Determining the Legality of an HOA Home Business Operating a business from home is not uncommon, especially for startups and fledgling companies.…
Homeowners are often surprised to discover additional fees and documents that are required before they can sell their property. For those who have received an HOA demand payoff letter, know that you are required by law to submit this requirement. To make the process clearer, here’s what you need to know about an HOA demand…
HOA back-office administration services are critical to any community, but they can also take up a lot of time in a workday. An HOA board must learn to balance these often prosaic tasks with other decision-making responsibilities. Wasting Time on HOA Back-Office Administration Services HOA management naturally involves a lot of back-office administration work…
Whether due to an economic downturn or other reasons, homeowners associations are not exempt from financial issues. The situation can degenerate even further to the point that an HOA is forced to consider bankruptcy. But, is HOA bankruptcy even a viable option? Can an Association File for HOA Bankruptcy? In a word, yes. Much…
Like businesses, homeowners associations experience fraud on a regular basis. Luckily, there are some things you can do to safeguard your community from HOA fraud. Learn to Prevent HOA Fraud in Your Community Believe it or not, there are many cases of HOA fraud across the United States. After all, a homeowners association is…
Many homeowners associations have residents who are behind on their assessments. There are many ways to collect these late delinquent dues, one of which is by setting up HOA payment plans. HOA Payment Plans: Are They a Good Idea? Assessments are the lifeblood of any homeowners or condominium association. Without assessments, an HOA would…