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…
The coronavirus outbreak has financially impaired Americans nationwide, affecting homeowners associations in the process. To avoid financial ruin, it is imperative to learn how to modify your HOA budget during the pandemic. The Importance of Adjusting Your HOA Budget During the Pandemic When COVID-19 first came onto the scene, many thought it would run its…
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…
As an HOA board member, finding vendors for your HOA is one of your most important duties. Unfortunately, many boards opt to settle for cheap vendors that deliver poor results all in the name of saving the association money. What these boards don’t know, though, is that vendor selection can impact the HOA’s bottom line.…
Christmas lights have always been and always will be part of homeowners association holiday decorations. However, it’s still important to establish holiday lighting rules to maintain the aesthetics of your community. Here’s how to determine which rules are fair and which aren’t. Why Do You Need Holiday Lighting Rules? Decorating your home with Christmas…
Homeowners association insurance is a costly but a worthwhile expense because it offers financial protection in cases of damages or losses within the community. However, there are still plenty of HOA boards that do not realize the importance of HOA insurance. To ensure that your community is adequately protected, here are the most important HOA…
Part of residing in a homeowners association community is having to pay regular dues and the occasional HOA assessment. But, what is an assessment fee anyway? And does it really differ from HOA dues and fees? What Is an HOA Assessment? Many people use the terms HOA assessments and HOA dues interchangeably either out…
Is your homeowners association charging you an initiation fee? Are you wondering if the association even has the right to impose such a fee against you? Here is everything you need to know about an HOA initiation fee. Understanding the Legalities of an HOA Initiation Fee Anyone would feel apprehensive about paying fees they…
In a homeowners association, what is the role of the finance committee? For some, an HOA financial committee is a prerequisite to success while others do not seem to be convinced of its importance. When it comes to your HOA, do you really need a finance committee? Here’s what you need to know to answer…
It is not often that homeowners associations encounter excess operating funds in their budget. But, in the event that you do, you must know the proper way to deal with them. Here is everything you need to know about HOA surplus funds. What to Do With HOA Surplus Funds A lot of factors can…
Homeowners associations rely on a constant stream of funds in the form of assessments to cover the community’s operating expenses. But, there might come a time when this stream is interrupted for whatever reason, necessitating an HOA loan. What Is an HOA Loan? Simply put, an HOA loan is a sum of money your…