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…
An HOA collection policy is integral to the success of any homeowners association. Without such a policy in place, board members will find it difficult to collect past-due fees, thereby putting the association at risk of financial ruin. What Is an HOA Collection Policy? An HOA collection policy is simply an internal policy that…
It is no secret that federal laws regulate HOA communities in more ways than one. Therefore, board members and HOA managers should make sure to familiarize themselves with these laws to avoid potential liability. What Are the Federal Laws That Regulate HOA Communities? Homeowners associations operate in much the same way as non-profit corporations.…
Homeowners associations are known for strict architectural rules that can also extend to outdoor fixtures such as flags, political signs, and Christmas decorations. But, what about the American flag? Can HOAs prohibit homeowners from displaying the U.S. flag on Memorial Day? The Long-Standing Tradition of Flying the U.S. Flag on Memorial Day Memorial Day is…
Homeowners associations often have rules restricting pets. But, do these rules apply to assistance animals in HOA communities? What counts as an assistance animal anyway? Applicable Laws for Assistance Animals in HOA Communities Pet ownership can be a very rewarding and loving experience, but it is not always an option for homeowners living in…
Fair housing is an often-discussed topic among leaders and managers of homeowners associations. But, what does it even mean? And how should homeowners associations respond to fair housing laws? What Is the Fair Housing Act of 1968? The federal Fair Housing Act (FHA), enacted in 1968, prohibits housing discrimination based upon a person’s race,…
The leaders of an HOA community can run into all sorts of legal trouble, jeopardizing their personal assets and interests. This is where D&O insurance comes in. Understanding D&O Insurance for Nonprofits What is DnO insurance? Simply put, Directors and Officers insurance is a form of insurance that offers protection to the directors and officers of…
Easter is one of the many holidays your community can use to organize events and bring people together. If you’re looking for some HOA Easter party, you’ve come to the right place. Fun HOA Easter Party Ideas for Your Community Easter takes place on April 17 in 2022, which means it’s only a couple of…
While it may not seem important at first glance, workers comp insurance is something that every homeowners association should have. This type of insurance policy is essential even if the HOA itself does not have any employees or workers. Workers Comp Insurance Definition Workers compensation insurance is a form of insurance that offers wage…
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…