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 setup, an HOA manager typically works within the…
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…
When it comes to federal taxes, many homeowners associations find themselves in a bind. While HOAs are required to pay taxes and file tax returns, they fall into a specific category under the Internal Revenue Service — IRS 528. Understanding HOA as Non-profit Corporations In many states, homeowners associations are structured and formed as…
Columbus Day is almost here. And, for a lot of people, that means looking forward to another three-day weekend. If you’re looking for some things to do on Columbus Day, you’ve come to the right place. Top Things to Do on Columbus Day Columbus Day is a federal holiday in the United States. In line with…
While uncommon, some homeowners do raise backyard chickens in HOA communities. But, is this even allowed? What can homeowners associations do about them? Should Boards Allow Backyard Chickens in HOA Neighborhoods? If you’ve noticed an increase in backyard chickens as of late, you’re not alone. Backyard chicken ownership has grown more popular in the…
Holding an HOA disciplinary hearing is common practice among many homeowners associations when a violation has occurred. Both the HOA board and homeowners must know what to do when faced with this hearing. What Is an HOA Disciplinary Hearing? A disciplinary hearing is a formal meeting between the HOA board and the homeowner accused…
Every HOA board must set procedural standards for conducting board meetings. But, what if an association does not have rules in place? This is where Robert’s Rules for HOA meetings come into play. What Are Robert’s Rules for HOA Meetings? Authored by U.S. Army officer Henry Martyn Robert, Robert’s Rules of Order are a…
As Labor Day nears, many Americans are undoubtedly excited to get a long weekend off work, not knowing the historical significance behind this holiday. Here are some Labor Day facts to help you appreciate the day better. Interesting Labor Day Facts to Help You Appreciate the Holiday Labor Day is a federal holiday that falls…
Many homeowners associations focus on the operational side of community management. But, the financial aspect is just as important. And one of the ways to evaluate the financial health of the association is through HOA accounting reports. What Are HOA Accounting Reports? Simply put, HOA accounting reports are compilations of accounting and financial information for…
Your HOAs CC&Rs is one of the most important documents that govern your association. However, it could’ve been written so long ago that its content may not be applicable anymore to the current times. Worse, there is a possibility that your HOAs CC&Rs expire. Let’s talk about that more here. Do CC&Rs Expire? Homeowners…
Every now and then, a homeowners association that allows rentals will run into Section 8 tenants. Associations should tread carefully when dealing with such tenants, as the complexities of the law can put the HOA in legal trouble in certain situations. What Are Section 8 Tenants? In 1974, the federal government established the Housing…
Most homeowners associations establish an Architectural Review Board to maintain the aesthetics of their communities. Homeowners living in such communities should be aware of the process of obtaining approval from this board before starting any home improvement plans. The Role of the Architectural Review Board in an HOA Community Homeowners associations are known for…