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 management setup, an HOA manager typically…
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…
Several closing costs come with the purchase of a new home. And if the house is part of a homeowners association, one of the costs is the HOA capital contribution. But what is this fee anyway? Understanding the HOA Capital Contribution Fee Buying a home is one of the most significant investments. But, homes…
There is a lot that goes into managing a homeowners association. But, with the right tools, it can be made significantly more straightforward. Here are the HOA online services every community should have. The Essential HOA Online Services In an HOA community, homeowners will naturally have many concerns they wish to resolve. One homeowner…
Drinks can make or break any holiday dinner. Whether you’re in need of a pick-me-up or just want to impress your guests, a Christmas punch recipe should do the trick. Wow the Crowd With a Delicious Christmas Punch Recipe Christmas is just around the corner, which means people are gearing up for holiday get-togethers. Parties…
For most organizations, tax season is one of the most stressful times of the year. Homeowners associations are no exception. Here is what you need to know about HOA tax returns. Do You Have to File HOA Tax Returns? Many homeowners associations operate with the incorrect assumption that they don’t have to pay taxes or…
Every now and then, an HOA board conflict will arise. When that happens, what should the HOA management company do? Should the company even intervene in the first place? Reasons an HOA Board Conflict May Arise HOA board members are not immune to conflict. Just as neighbors can have disputes, board members can also fight…
Thanksgiving is just around the corner, which means holiday preparations are in order. For vegans, that means looking for vegan-friendly alternatives to classic Thanksgiving dishes. Here are some of the best vegan Thanksgiving recipes you will find. The Best Vegan Thanksgiving Recipes to Try In the past, vegans have had a hard time looking for…
Homeowners associations are responsible for the operations of their communities. But, does that include the responsibility to step in when harassment occurs? Is an HOA anti-harassment policy mandatory? Does a Community Need an HOA Anti-Harassment Policy? Every now and then, neighbors will get into a disagreement. But, when that disagreement turns sour, harassment can sometimes…
Veterans Day vs Memorial Day — while these two holidays take place on separate days, many Americans still confuse them with one another. But, what is the difference between the two? Let’s break them down below. Veterans Day vs Memorial Day: A Look at These Two Holidays During the first half of the year, there…
Emergencies can happen at any time. Emergencies can take many forms in a planned community, but the homeowners association should always be prepared. Here is the proper HOA response to an emergency. What Should Be the HOA Response to an Emergency? Emergencies come in many different forms. Therefore, no single blueprint can universally apply to…
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…