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…
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…
Regardless of where your HOA is located, it is important to consider how to improve your organization each year. HOAs that are always forward-thinking and set out to achieve attainable goals will have a great deal of respect from their residents, along with smart financial management. If you are considering how to set SMART goals…
Set HOA goals at the start of each year. It’s a great way to use that fresh start to think forward to the yearly goals of the HOA you want to aim for. In your HOA Goal-setting session, think about the ways you can improve your association. What are HOA goals that you want to…
HOA rule compliance is an issue that association boards greatly struggle with. When structuring an approach, you need to balance the requirements of the HOA with the needs of the residents. It’s important to have a concrete structure in place to avoid unnecessary conflicts with your residents. If you want to learn more about effective…
The coronavirus outbreak has led to temporary business closures and a reduction of workdays. As a result, more homeowners are unable to pay their HOA dues. This is when HOA remote management during coronavirus becomes all the more important. Benefits of HOA Remote Management During Coronavirus The coronavirus outbreak, also known as COVID-19, has…
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…
One very important aspect of maintaining the home values in the community is to have an established HOA architectural review board in place. Even though many HOAs have a system in place to review and approve any architectural requests from association members, few are fulfilling their obligations in a way that is simple for their…
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…
Preparing your homeowners association annual budget takes a lot of time and effort. But, HOA budget presentation is an entirely separate undertaking — one that not many people know how to do. Thankfully, there are some tips you can adopt to effectively present HOA budgets to your community. Present HOA Budgets the Right Way…
Everyone knows how confusing governmental processes can get. The Federal Housing Administration is no exception. If you are considering FHA condo approval for your community, here are some of the things you ought to know. Common Questions About FHA Condo Approval Answered There has been a great deal of debate about how to successfully…