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…
When you create your next community association budget, you will likely make some decisions that are unpopular with certain members of your community. To avoid unnecessary conflicts with community members, it is important to make residents feel like they are included in the budget process. Practicing budget transparency makes residents feel important and limits potential…
Modified Accrual Accounting is one of the most popular forms of accounting methods for HOAs. At first, it can be difficult to master for those that do not have prior experience in the accounting sector. To learn more about how to apply Modified Accrual Accounting to your HOA’s books, read and understand the information below.…
About 350,000 communities have HOAs in the United States. HOA stands for homeowners association. These are residential properties with a board of directors that enforce community rules and regulations. It’s easy to understand the HOA definition; however, there’s more to it than the question, “What does HOA mean?” Here’s a detailed explanation of homeowners associations…
HOA special assessments can be a source of friction between the board and community members. What is a special assessment, and how does HOA special assessment rules affect residents? Can an association just call for an HOA assessment or a condo assessment in the case of high-rise communities? Let’s take a look at why HOAs…
When you reside in a property that belongs to a homeowners association, you are asked to pay regular dues. But, many homeowners still don’t fully grasp what these payments are for and how they are computed. So, what are HOA dues? And does it really matter if you stop paying them? What Are HOA Dues?…
HOA, POA, and COA: many aspiring homeowners get confused with these acronyms. Many owners have to decide whether they want to work with any form of HOA, POA, or COA when they are trying to find a new place to live. Read here to learn more about these different types of associations. HOA, POA…
Many homeowners associations are still using traditional check payment methods. Not only does this take up a lot of time and slow down your cash flow, but it can also cause inconvenience to your residents. With the advent of new technologies such as the internet, you can easily start collecting HOA fees online. While integrating…
An HOA statement of receivables, or accounts receivable statement, is a document that details the outstanding charges owed to the community association. This can be from sources such as overdue assessments, vendor credits, late fees, or any other outstanding source of income. It is essentially a list of every account that still owes the HOA…
Among the many financial statements of an organization, the income statement is one of the most essential. But, what does an HOA income statement include? And what purpose does it serve a homeowners association? Let’s find out. What Is an HOA Income Statement? To put it simply, an HOA income statement shows the revenues…
A homeowners association must keep track of its financial transactions to accurately report and assess its financial health. In order to do this, you must have a central location and an organized procedure for recording your finances. Enter the HOA general ledger. In this artcle: What Is a HOA General Ledger? The Importance of…