HOA Accounting and Management Articles and Advice
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. In this article: Benefits of HOA Remote Management During Coronavirus The Importance of HOA Dues…
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. In this article: HOA Financial Reports and…
Your homeowners association reserve fund plays a crucial role in maintaining community assets. To determine the necessary amount, you need to conduct an HOA reserve study. Since there are a lot of strict requirements involved, the process can be quite complex. If you want to properly establish an HOA reserve fund, it may be beneficial…
What are capital improvements, and how do they differ from HOA maintenance costs? Given that both terms deal with community assets, there seems to be some confusion between them. Knowing the difference between capital improvements and HOA maintenance is important — especially when allocating expenses in your annual budget. Here’s an in-depth explanation that will…
A conflict of interest in an HOA can threaten the association’s integrity and reputation. As a board member of a community association, you should understand how to recognize and avoid it. In this article, we will give you some tips on how to keep your community association free from possible conflicts of interest. In…
Winter is a wonderful time of the year, but it can also give rise to unexpected expenses for an association. HOA managers must think ahead and make sure the HOA snow removal budget is up-to-date. This way, you can ensure a community runs smoothly even during the cold months. In this article: Planning for…
A smoothly run homeowners association proactively plans and tracks financial transactions. By not having proper systems in place or not having someone vigilantly keeping track of records, things can go south really fast. Here are some tips to protect your association’s money and improve overall HOA financial stability. In this article: The Keys to…
The ideal bank for a community association is not necessarily the same one you would use for your personal savings. Knowing what to look for in a bank for an HOA, however, can make such a huge difference in the ease of your HOA finances. In this guide, we’ll take a look at how to…
Homeowners association fees are collected in most — if not all — planned residential communities. If you’re thinking about joining one, it’s normal to ask questions like, “What are HOA fees?” and “What do HOA fees cover?” In this article, we will provide an in-depth explanation of HOA fees and what they are used for…
Seasoned board members agree that knowing your association’s finances is essential for making good decisions for the HOA. But, an HOA’s finances are only as good as the system it follows. As such, every association must have a strong HOA financial system as a foundation. In this article: Have an Effective HOA Financial System…
Having the finances well-organized in your community association is essential to maintain a great reputation amongst current and future residents. Many HOAs are not responsible with their finances, which causes them to not operate at their maximum potential. If you want to avoid money problems down the road, consider these financial tips for an HOA.…
A homeowners association budget is essential for the success of your community, but HOA budget planning isn’t easy. You need to organize your finances to cover all maintenance costs, capital improvement projects, and other community expenses. A proper community association budget keeps property values high and ensures the well-being of your residents. Here are important…
