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…
Tax season is upon us, and if you are new to filing taxes with your HOA, you may have many questions about which forms need to be filed, whether you are tax exempt, and what to do if your HOA has not filed in a couple of years. In this post, we will answer some…
As a homeowners association (HOA) member that pays fees each month, it’s only right that you know what your money is being used for. One of the most important tasks of an HOA board is to allocate these funds. HOA fees are usually distributed to two accounts: operating funds and reserve funds. While both accounts…
A homeowners association is led by competent leaders in the form of a board of directors. One of the members in an HOA board is the treasurer. But, beyond being responsible for money matters, what does an HOA treasurer do? Let’s find out. What Tasks Does an HOA Treasurer Do? Whether you are a…
Self-managing your own HOA finances is a fairly difficult undertaking. Successful HOA finance management requires a certain level of expertise and experience. For that, look to HOA financial management services. Why Hire HOA Financial Management Services? It can be tempting for HOA board members to try and handle all aspects of association management themselves.…
HOA budget committee responsibilities come up in a major way once a year. When it’s time to draw up a budget, most HOA committee guidelines have provisions for a budget board. The need for this specific committee is pretty obvious then. But what does a budget committee do the rest of the year? As it…
Hiring an association management company can be a great way to increase the quality and efficiency of your community. But, unless you know what to look for, bringing on the wrong management can potentially cause more trouble than it’s worth. To avoid the latter, here are the qualities to look for when searching for your…
When individuals are elected to the HOA board, they take on the responsibility of managing the community. Board members have to make important decisions for the association so they need to have a solid grasp of community management. HOA board member training is one of the best ways to prepare them for what’s ahead. Here’s…
How much does an HOA audit cost? As board directors go over their HOA audit fees, they often wonder if the cost of HOA audit is money well spent. An homeowners association audit does not come cheap. Given the average cost of an audit, paying for a specialized one for an HOA can get costly.…
Break out your year end accounting checklist, time to close out the year end accounts. Check every box of your fiscal year end closing procedures. Cross out each line of your accounting closing checklist. It’s a lot of work, but we hope this year end closing checklist helps you with your accounting year end procedures.…
Hiring a professional HOA management company is an important decision. There are many factors to consider such as monthly costs and the board’s available time. Some self managed associations can run efficiently through their board members while others need a manager to take over daily operations. Which option is the best for your community? If…