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. In this article: Are HOA Fees Tax Deductible?Are Condo Fees Tax Deductible?Can You Write Off HOA Fees If You Work from Home?Are HOA…
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. In this article: Benefits of HOA Remote Management During Coronavirus The Importance of HOA Dues…
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. In this article: HOA Financial Reports and…
HOA accounting is probably one of the most complex, and most important, responsibilities of the association board. Preparing financial reports on a regular basis is important for many reasons. They help financial planning. They also promote transparency between board and members. Or they could simply be required by law. The frequency of preparation of HOA…
HOAs, regardless of their size, need a formal structure. They need it in order to function in the best way possible for their residents. By having HOA governing documents, it is easier to resolve potential disputes that may occur down the road. Whether you are on the board of your HOA or simply a member,…
HOA bookkeeping is an essential aspect of association management. However, as many HOAs lack accounting and finance experience, it can be a struggle to deal with bookkeeping tasks and responsibilities. This can result in financial mistakes that could harm your community. If you need help in this area, it might be time to consider a…
What are reserve funds? Homeowners association reserve funds are one of two principal accounts necessary to manage your community. As a homeowner who pays monthly dues, you should understand the purpose of reserve funding and how it is used by the association. Here’s everything you need to know about HOA reserve funds. In this…
Does your homeowners association need professional help? Is there no room in your budget for an on-site HOA manager? Enter remote HOA management — the answer to all your problems. In this article: Hiring Remote HOA Management Services What is HOA Management? Roles and Duties What Is Remote HOA Management? Benefits of Hiring a…
Some HOA board members might consider accounting boring or difficult, but its role in financial stability is undeniable. Before anything else, your HOA must decide on a basis of accounting to use for financial reporting. While the cash basis for HOA financial statements is the easiest, it’s not exactly the best. In this article:…
The financial responsibilities of HOA boards are far-reaching and wide. While some of these responsibilities are obvious, others may surprise you. Let’s break down the many financial duties you, as a board member, must fulfill. In this article: Remember These Financial Responsibilities of HOA Boards1. Make Collection Easy2. Handle Delinquent Payments Fairly3. Know What…
Remote HOA management — you have probably heard of the service from a friend or fellow board member. But, what is remote HOA management anyway? And is it really something your community can benefit from? In this article: What Is Remote HOA Management? Remote HOA Management Services Financial Management Back Office Services Collection Services…
Amenities. Comfortable community-living. Security and peace of mind. These are just some of the things that draw people to homeowner association communities. Services provided by homeowners association vendors are vital to keep a community attractive. Are you getting the right vendors for your HOA? The vendors in a community need to be vetted to ensure…
Developers usually enlist the help of an outside company to manage a new community. However, at a certain point, the management responsibilities are passed on to a board of elected officials. It is then their responsibility to figure out a management style. Unfortunately, many HOA boards aren’t aware of their options and simply continue to…
