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…
Integrated banking systems for HOAs are designed to bring all financial activities under one digital roof, offering a seamless experience for both administrators and residents. Given the critical role HOAs play, efficient financial management is essential to ensure smooth operations. With an integrated banking system, the days of juggling spreadsheets, manual accounting, and physical bank…
Late HOA dues affect HOA finances in a big way. While homeowners may not see it — often worried about their financial strains — late payments can significantly negatively impact an HOA community. As such, homeowners should always strive to pay their dues on time and consult their HOA board for options in financial struggles.…
Far too many homeowners associations have underfunded HOA reserves, not recognizing the importance that reserves play in a community’s financial stability. To avoid and potentially remedy underfunded reserves, an HOA board must first analyze its situation and determine possible causes. From there, the board can seek the proper solutions and keep the association financially healthy.…
There are plenty of Memorial Day food options you can prepare for a truly fun and unforgettable experience. If you want to impress your guests with a home-grilled menu with a tasty dessert, this is the list you’re looking for. The Best Memorial Day Food Ideas for Your Celebration Memorial Day is just around…
Rising interest rates affect an HOA significantly, both when it comes to borrowing money and depositing funds into a bank account. Board members should be aware of the impact of the economy on the association’s finances. This will allow them to manage their funds with prudence, make wise decisions for their community, and keep the…
Homeowners associations come in all shapes and sizes. Some are professionally managed, making it easier for their HOA boards to make decisions and protect property values. Others, however, rely purely on volunteer board members to run the community. While there is nothing inherently wrong with this approach, self-managed HOA problems do accompany it. Self-Managed…
Many board members neglect the risks of self-managed HOAs. These risks can put an entire association in jeopardy, threatening not only its operations but also its funding. It is important to understand these risks so that board members can avoid them. Alternatively, HOA boards can decide to switch to professional management. The Most Notable…
In recent years, allocating HOA insurance deductibles has become a top priority among community associations. This is largely due to the increase in premiums, which associations are struggling to keep up with. While insurance can be a tedious issue, it’s one that associations can’t afford to neglect. After all, insurance plays a crucial role in…
Homeowners associations would do well to stay within the reserve funds FDIC limit. Doing so can help the community protect their funds and remain financially healthy. But, what exactly is this limit and is it truly important? Let’s find out. What Is the FDIC? The Federal Deposit Insurance Corporation (FDIC) is an independent agency…
The Corporate Transparency Act is a relatively new law that has just taken effect. It has major implications for corporations across the country. Does it apply to community associations? Moreover, does it matter whether they are incorporated or unincorporated? Let’s find out. The Corporate Transparency Act Explained In 2021, Congress passed the Corporate Transparency…