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.
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…
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…
If you’re planning a party with holiday guests in an HOA community, you must know plenty of things. Homeowners associations have all sorts of rules; you might break them while celebrating the holidays. However, if you educate yourself and prepare for visitors the right way, you can have a warm and memorable time while upholding…
For many communities, HOA snow removal is a critical service, especially during winter. When snow and ice accumulate, safety becomes a major concern for residents and the board. With proper snow removal, board members can ensure that roads, sidewalks, and common areas remain clear. However, who is responsible for snow removal in the first place?…
Planning the yearly HOA budget is a daunting but necessary task, and many HOA board members need to pay more attention to three critical considerations: inflation, interest, and insurance. Although gradual, these three factors can strain HOA financials, and your community can always prepare for it. What is the Effect of Inflation on the…