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. In this article: Are HOA Fees Tax Deductible?Are Condo Fees Tax Deductible?Can You Write Off HOA Fees If You Work from Home?Are HOA…
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…
What is an HOA reserve study, and should you do it now? If you’re one of the board members and wondering what HOA reserve studies are for, this might just be the right time to learn more. A homeowner association reserve study is always a useful tool to have for budgeting. It’s true whether you…
Knowing what the HOA standard financial statements are as well as how these documents represent the movement of money within a homeowners association, are vital for transparency and accuracy. Homeowners pay monthly/annual dues. The last thing they’d want is to be kept in the dark as to where the funds are being allocated. In…
Proper HOA board budgeting is crucial in keeping an association operating year after year. However, issues may come up in a self-managed board with no financial experts in the team. HOA board budget mistakes can lead to serious conflicts between the HOA board members and homeowners. It’s the last thing any HOA management team wants…
HOA audit time is always a busy time for associations. At the end of the year, HOA board members have to start considering whether they need to get a financial audit started. Usually, it is a toss-up between getting a financial review vs audit for HOA books. For some HOAs, there is a need to…
HOA accounting is a vital part of operating a homeowners association, but it can be very tedious and difficult. Because it is so important, you want to avoid inaccurate or incomplete financial reports at all costs. The first step to financial success is to use the best HOA accounting method. In this article: The…
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…
