HOA Accounting and Management Articles and Advice
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 led to temporary business closures and a reduction of workdays. As a result, more homeowners are unable to pay their HOA dues. This is when HOA remote management during coronavirus becomes all the more important. Benefits of HOA Remote Management During Coronavirus The coronavirus outbreak, also known as COVID-19, has…
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…
Fair housing is an often-discussed topic among leaders and managers of homeowners associations. But, what does it even mean? And how should homeowners associations respond to fair housing laws? What Is the Fair Housing Act of 1968? The federal Fair Housing Act (FHA), enacted in 1968, prohibits housing discrimination based upon a person’s race,…
The leaders of an HOA community can run into all sorts of legal trouble, jeopardizing their personal assets and interests. This is where D&O insurance comes in. Understanding D&O Insurance for Nonprofits What is DnO insurance? Simply put, Directors and Officers insurance is a form of insurance that offers protection to the directors and officers of…
Easter is one of the many holidays your community can use to organize events and bring people together. If you’re looking for some HOA Easter party, you’ve come to the right place. Fun HOA Easter Party Ideas for Your Community Easter takes place on April 17 in 2022, which means it’s only a couple of…
While it may not seem important at first glance, workers comp insurance is something that every homeowners association should have. This type of insurance policy is essential even if the HOA itself does not have any employees or workers. Workers Comp Insurance Definition Workers compensation insurance is a form of insurance that offers wage…
While there are many people who will celebrate St. Patrick’s Day outside this year, there are also those who simply want to stay in their homes. Want to know how to celebrate St. Patrick’s Day at home and still have fun? Keep reading on. How to Celebrate St. Patrick’s Day at Home The years…
It is the duty of the homeowners association board to prepare the budget from which dues are calculated. But, there are external economic factors you must consider beyond just the needs of the community. Here, we take a look at the relationship between HOA dues and inflation. A Positive Correlation Between HOA Dues and Inflation…
Many married couples prefer to buy homes in communities run by homeowners associations. While the HOA itself provides plenty of benefits, couples should also consider buying the home under a joint tenancy. What Does Joint Tenancy Mean? It is not uncommon to find couples owning homes under a joint tenancy in HOA communities. But, what…
In an effort to encourage members to pay their dues on time, homeowners associations impose certain consequences for late or lack of payment. One of these consequences is to suspend delinquent owners voting rights. But, is that even allowed? On the Subject of Delinquent Owners Voting Rights Homeowners associations work in much the same way…
Homeowners associations deal with all sorts of private information — from the names of members to their individual bank account numbers. Protecting such information is paramount to skirting potential liability. But, how exactly can an association prevent an HOA data breach? What Is an HOA Data Breach? Simply put, an HOA data breach is when…
The year 2021 is coming to a close, and a new year often means turning over a new leaf. For homeowners associations, it can also mean doing things better. What are the best HOA New Year’s resolutions that boards should make? What to Include in Your HOA New Year’s Resolutions As the world prepares…