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…
Amenities. Comfortable community-living. Security and peace of mind. These are just some of the things that draw people to homeowner association communities. Services provided by homeowners association vendors are vital to keep a community attractive. Are you getting the right vendors for your HOA? The vendors in a community need to be vetted to ensure…
One of the essential duties of the HOA board is to review the annual budget and make adjustments when necessary. Unfortunately, not every budget will have enough wiggle room especially when it comes to operating expenses. The good news, however, is that there are other measures that can help trim your budget to more manageable…
HOA record keeping is more than just filing documents into a folder and stuffing them in a desk drawer to gather dust. It requires meticulous organization and an intricate system to carry out correctly. Unfortunately, not all HOAs have a good method for keeping records. HOA Record Keeping Done Right Sorting through a stack…
No community will ever be immune to homeowners association fraud, embezzlement, or mismanagement. Although no one wants to look upon other board members with suspicion or doubt, there are always risks when dealing with HOA finances. Board members should be on the lookout for red flags that may indicate that funds are being handled incompetently…
Can HOA fees go up, and when do do, how much can HOA fees increase? These are some questions many HOA members often ask about their homeowner dues. How often do HOA fees go up depends on the circumstances of a community. As a community manager, you have a lot to manage when it comes…
The financial health of an HOA is an important matter not just for the HOA board, but also for members as well. How would you know about the fiscal health of the HOA? There are many ways to check HOA’s financial health. Your home and neighborhood are always worth the time to look into your…
The management of a homeowners association involves several parts, the most confusing of which is financial management. HOA boards with no experience in preparing financial statements and filing taxes often look to professionals for help. Here is why a CPA for an HOA is essential and how to find the right one. In this…
Processing invoices can be a sore spot for many homeowners associations. It takes a lot of time and effort to organize and prepare them. If you fall find yourself in the same boat, then it is time to consider automated HOA invoice processing. What Is Automated HOA Invoice Processing? To put it simply, invoice…
Whether you are planning on taking the burden of the yearly budget upon the shoulders of your HOA board, or you plan to get the assistance of an HOA management company, the annual budget is one of the most important items on the agenda of any homeowners association. Here is your step-by-step guide on how…
Delinquent payments are one of the hardest things to deal with as an HOA board because you may be dealing with people who are your friends and neighbors. Although there are certain strategies for avoiding delinquent payments, every board will likely encounter this problem at some point. When you do, here is how you should…