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…
While there are many people who will celebrate St. Patrick’s Day outside this year, there are also those who simply want to stay in their homes. Want to know how to celebrate St. Patrick’s Day at home and still have fun? Keep reading on. How to Celebrate St. Patrick’s Day at Home The years…
It is the duty of the homeowners association board to prepare the budget from which dues are calculated. But, there are external economic factors you must consider beyond just the needs of the community. Here, we take a look at the relationship between HOA dues and inflation. A Positive Correlation Between HOA Dues and Inflation…
Many married couples prefer to buy homes in communities run by homeowners associations. While the HOA itself provides plenty of benefits, couples should also consider buying the home under a joint tenancy. What Does Joint Tenancy Mean? It is not uncommon to find couples owning homes under a joint tenancy in HOA communities. But, what…
In an effort to encourage members to pay their dues on time, homeowners associations impose certain consequences for late or lack of payment. One of these consequences is to suspend delinquent owners voting rights. But, is that even allowed? On the Subject of Delinquent Owners Voting Rights Homeowners associations work in much the same way…
Homeowners associations deal with all sorts of private information — from the names of members to their individual bank account numbers. Protecting such information is paramount to skirting potential liability. But, how exactly can an association prevent an HOA data breach? What Is an HOA Data Breach? Simply put, an HOA data breach is when…
The year 2021 is coming to a close, and a new year often means turning over a new leaf. For homeowners associations, it can also mean doing things better. What are the best HOA New Year’s resolutions that boards should make? What to Include in Your HOA New Year’s Resolutions As the world prepares…
Just like any other organization, homeowners associations can also suffer from bad debt. But, what exactly does HOA bad debt look like? And would exposing the association’s debtors solve its problems? What Is HOA Bad Debt? In business, bad debt is a monetary amount that a debtor owes a creditor. It is deemed a…
For many homeowners, the holiday season is the time of the year when they can show off their creativity and decorate their houses to their liking. Whether that means putting up an inflatable Santa Claus on the roof or something else entirely is completely at their discretion. For planned communities, though, it is not uncommon…
It is not uncommon for a board member to step down from their position in a homeowners association. But, what happens if all HOA board members resign simultaneously? Is an HOA board mass resignation even permitted? Is an HOA Board Mass Resignation Allowed? Homeowners associations are run by a set of volunteer members elected…
Thanksgiving is here, which means celebrations are afoot. Homeowners associations should take this time to organize Thanksgiving activities for homeowners to promote a sense of community. When residents feel like they belong, they are more likely to be happy. Thanksgiving Activities for Homeowners to Strengthen Community Bond Community camaraderie is important to an HOA for…