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…
A lot of homeowners associations find it hard to reach an HOA quorum. Does that mean quorums are bad and need to be eliminated? Is that even a possibility? What Is an HOA Quorum? A quorum is the minimum number of members required to be present at a meeting before the HOA can conduct…
A breach of confidentiality in HOA communities is a serious offense, and one that can come with significantly dire consequences. If you encounter such a problem in your association, it is important to know how to proceed. Breach of Confidentiality in HOA: Understanding Your Fiduciary Duty In homeowners associations, the subject of confidentiality is…
A tenant lease agreement is just as important to a landlord as it is to a homeowners association. Without one, a number of legal complications can arise. What Is a Tenant Lease Agreement? A lease agreement is a contract that legally binds a landlord and a tenant. It serves as proof of the relationship…
Due to concerns over not being able to hold elections, many associations are facing an issue over something called an illegitimate HOA board. But, what exactly makes a board illegitimate? What Is an Illegitimate HOA Board? At the helm of every homeowners association sits a group of members known as the HOA board. While…
Most homeowners associations go through an election season for board members. Here is everything you need to know about HOA elections. What Are HOA Elections? Every homeowners association is run by a set of volunteer members from the community known as the HOA board. In most associations, members are nominated and then elected into positions.…
Most homeowners associations have an architectural review committee. But, what exactly does this committee do? Do they hold absolute power over architectural changes in the community? What Is an HOA Architectural Review Committee? An architectural review committee (ARC) consists of members responsible for maintaining the architectural standards of the association. Most homeowners associations have…
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…