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. Darmowe obroty to jeden z najszybszych sposobów na zdobycie pierwszych wygranych w kasynie online. Wystarczy aktywować promocję i rozpocząć grę na wybranych slotach. Coraz więcej…
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…
The HOA election of officers is an essential process in any homeowners association. It determines who will lead the community. HOA boards rely on fair elections to maintain order and trust. Associations must follow legal and procedural rules during every election, and these rules can differ depending on both state laws and the HOA’s own…
When faced with HOA donations, many homeowners associations have no idea how to proceed. Donations are great because they improve cash flow, but they can also have certain tax and legal implications. Board members don’t always know whether or not they can accept donations. Even when they can, most HOA boards don’t know how to…
A homeowners association has several HOA income sources available to them. Most only know of regular dues, special assessments, and monetary fines, but these can be very limiting. An HOA can earn revenue in other ways without raising fees or levying hefty special assessments. Board members should understand these ways and take advantage of them.…
Understanding the legal liabilities of HOA board members is critical to smooth leadership and operations. Board members volunteer their time and services to help the association. However, the role also comes with its fair share of legal hazards. Board members often expose themselves to possible liability simply by representing the HOA. What are the…
The requirements for an HOA board member can be quite confusing, especially for those who don’t know where to look. However, homeowners who wish to serve their community must understand what it takes to join the HOA board. While their hearts might be in the right place, they might not possess the qualifications to become…
Pursuing ongoing education for HOA board members has plenty of merits. It can sharpen the skills of board members, place them on the same page, and improve relations within the community. However, many associations have difficulty accessing ongoing education, often relying on tradition and the old habits of those who came before them. The…
An HOA mobile app can offer significant advantages for homeowners and board members. It can improve communication, streamline operations, and enhance homeowner experience. However, whether necessary depends on various factors, including the community’s needs and budget. What is an HOA Mobile App? An HOA mobile app is a smartphone application designed to help homeowners…
Can you allow homeowners to vote for an HOA contractor? This is a question many HOA boards face, especially during large projects that require significant funds. While the HOA board is typically responsible for selecting contractors, there are scenarios where homeowner input becomes necessary. Regardless, board members should prioritize transparency in all business decisions. …
Who regulates HOA management companies? This is a question many homeowners and board members ask. When you have a problem with your HOA management company, your first thought may be to report them to a governing agency. However, you must understand the relationship between management companies and HOAs before you can do that. Who…
There is often a question of ethics and fairness when an HOA profits from HOA dues. Since a homeowners association exists to maintain the community, its primary goal should not be to earn a profit. It is not a for-profit organization. However, many often wonder if it is legal and what an HOA can do…