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 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…
Managing an association can be a time-consuming job, especially without HOA financial management services. When all the members of the board of directors are volunteers with full-time jobs, families, and social lives, taking care of the many aspects of property management can be difficult. HOA Financial Management Services for the Self-Managed Community An HOA…
Hiring an HOA financial manager is a crucial decision for any community association. The financial manager for an HOA does more than just accounting and banking. They provide expert financial management, just like most professionals in that area. More importantly, they specialize in HOA fiscal management, which makes them extra valuable for an HOA board.…
If your community has less than 200 units, chances are that your HOA is self-managed. It makes sense. Smaller homeowners associations do not have the funding or need to be professionally managed by a full property management company. If you self-manage a community association, here is how to do it. Tips to Self-Manage a…
Whether you are aware of them or not, HOA bank statements are a necessary tool in assessing the financial health of your organization. But, for many people, understanding bank statements is an uphill battle. Here is everything you need to know about HOA bank statements. What Are HOA Bank Statements? HOA bank statements, also…
Any homeowners association relies on the standard financial statements to assess its financial health. One of these statements is the balance sheet. But, what actually goes into HOA balance sheets? And what is the key to understanding them? In this article: What Is a Balance Sheet? Parts of HOA Balance Sheets Assets Liabilities Equity…
HOA accounting is probably one of the most complex, and most important, responsibilities of the association board. Preparing financial reports on a regular basis is important for many reasons. They help with financial planning. They also promote transparency between the board and members or it can also be a law requirement. The frequency of preparation…