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…
Board members should familiarize themselves with the process of HOA bank reconciliation. This practice, typically done regularly, can be a powerful tool in helping prevent fraud within the association. With the prevalence of fraud and fund mismanagement cases, keeping a close watch on your association’s finances is becoming even more essential. What Is Bank…
Selling your home can be long and arduous, especially if you belong to a homeowners association. There are several things you must consider, including the HOA demand fee. This fee is vital in any real estate transaction involving an HOA community. Homeowners should familiarize themselves with this fee and what it entails for a smooth…
As the holidays approach, board members must pay attention to HOA holiday safety. Many residents will be traveling or attending events at night. Even those who remain at home need to pay attention to security as there are more vulnerabilities during the holidays. 8 Ways to Foster HOA Holiday Safety Ironically, the holidays invite…
Dealing with homeowner association complaints is typical in managing an HOA community. Board members should know how to handle these complaints when they arise. In doing so, they can keep residents happy and foster a harmonious neighborhood — all while ensuring the association’s protection from liability. Should the Board Address All Homeowner Association Complaints?…
Some states have HOA reserve fund laws that regulate community associations when it comes to funding and study requirements. Apart from avoiding potential liability, homeowners associations and condominiums should follow these laws for their own good. Maintaining an adequately funded reserve account is imperative to the financial health of an association. What Is an…
When you’re busy preparing an entire turkey for Thanksgiving dinner, the last thing you want to do is slave over complicated side dishes, too. Fortunately, there are many easy Thanksgiving side dishes you can make that won’t take too much of your time. This holiday season, make preparations a breeze with these simple yet tasty side…
Homeowners typically have the option to remove an HOA board member when the right conditions are met. While removing a board member can be an effective way to ensure the continued success of an HOA, it should not always be the first choice. If that time comes, though, homeowners and board members alike should know…
How much HOA fee is too much? This is a question that board members, homeowners, and potential buyers ask a lot. While paying fees does come with the territory, it does not mean that associations can charge exorbitant amounts as they please. Similarly, homeowners should not expect their HOA to charge low fees, as fees…
Proper HOA budgeting is an association’s first defense against financial trouble. When an HOA has a clear and specific game plan, operations flow much smoother. Unfortunately, not all board members know how to budget for their HOA community. Several factors are to consider and some key actions that may get overlooked. What Is an…
Not every board member knows there may be a tax exemption for HOA communities. After all, not everyone is aware of HOA-related laws and legal processes. However, homeowners associations should remember this as it may impact their community’s finances. Tax Exemption for HOA Communities Many homeowners only care about whether or not HOA fees…