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. 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 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. Benefits of HOA Remote Management During Coronavirus The coronavirus outbreak, also known as COVID-19, has…
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…
Large-scale investors prefer to buy up properties in homeowners associations. But, do institutional investors in HOAs have a positive or negative effect on the community? Institutional Investors in HOAs: What They Do Institutional investors are entities that accumulate funds to buy real estate and other assets. Within the context of homeowners associations, institutional investors…
Many HOA boards struggle to collect fees and consider giving discounts as a way to encourage on-time payments. But, are HOA fee discounts even a good idea? Are HOA Fee Discounts Advisable? Homeowners agree to abide by the association’s rules — including paying HOA dues — when they first move into the community. But,…
As a homeowner living in an HOA community, it is only natural for you to want to know that your association is doing well financially. To that end, you might want to request HOA financial reports. But, is that even possible? Are Homeowners Allowed to Request for HOA Financial Reports? The short answer is…
Every now and then, a homeowners association should perform an HOA insurance review. This review helps protect the association and keep it in good financial shape. The Importance of an HOA Insurance Review Proper insurance coverage is essential to any homeowners association. Once you have all the necessary policies in place, though, you can’t simply…
As vaccines continue to roll out and cities continue to relax restrictions, many homeowners associations have the same question in mind — can you require residents to get vaccinated? The answer is not that simple, though. Here is what you need to know about your HOA and COVID-19 vaccine as a requirement. HOA and…
The relationship between the HOA board and COVID-19 is not a stagnant one. The pandemic has changed the way many boards operate and will likely influence associations for years to come. The HOA Board and COVID-19 The coronavirus pandemic has tested homeowners associations in unprecedented ways. While some boards crumbled in the face of…
HOA board continuity planning is an important part of association management, though many fail to give it the attention it requires. Learn how to plan for the continued effectiveness of your HOA board below. HOA Board Continuity Planning for Self-Managed Communities Homeowners associations usually fall under one of two categories: Self-managed communities and professionally…
Buying or selling a house within a homeowners association is not always easy. There are several moving parts involved, including having to provide a resale certificate. But, what even is an HOA resale certificate in the first place? What Is an HOA Resale Certificate? An HOA resale certificate provides the buyer with important information…
Like any organization, homeowners associations are vulnerable to crime and theft. While establishing internal controls can certainly help ward off fraud, these controls are often not foolproof. This is where fidelity bond coverage comes in handy. What Is Fidelity Bond Insurance? Simply put, a fidelity bond is an insurance policy that protects a homeowners…
Tax season is always hectic and confusing, especially if you have no experience with it. Like many other organizations, homeowners associations also need to file Form 1099-MISC, even if you are classified as a non-profit. Learn more about this important IRS form below. What Is IRS Form 1099-MISC? Your homeowners association operates like a business…