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…
The ideal bank for a community association is not necessarily the same one you would use for your personal savings. Knowing what to look for in a bank for an HOA, however, can make such a huge difference in the ease of your HOA finances. In this guide, we’ll take a look at how to…
Homeowners association fees are collected in most — if not all — planned residential communities. If you’re thinking about joining one, it’s normal to ask questions like, “What are HOA fees?” and “What do HOA fees cover?” In this article, we will provide an in-depth explanation of HOA fees and what they are used for…
Seasoned board members agree that knowing your association’s finances is essential for making good decisions for the HOA. But, an HOA’s finances are only as good as the system it follows. As such, every association must have a strong HOA financial system as a foundation. Have an Effective HOA Financial System in Place Keeping…
Having the finances well-organized in your community association is essential to maintain a great reputation amongst current and future residents. Many HOAs are not responsible with their finances, which causes them to not operate at their maximum potential. If you want to avoid money problems down the road, consider these financial tips for an HOA.…
A homeowners association budget is essential for the success of your community, but HOA budget planning isn’t easy. You need to organize your finances to cover all maintenance costs, capital improvement projects, and other community expenses. A proper community association budget keeps property values high and ensures the well-being of your residents. Here are important…
Managing your HOA budget is no easy feat. Many HOA boards are learning how to manage the community association budget as they go along. As a result, budgeting mistakes can become a regular part of HOA budget management in your community. However, community association budget management does not need to be a costly learning experience…
When you create your next community association budget, you will likely make some decisions that are unpopular with certain members of your community. To avoid unnecessary conflicts with community members, it is important to make residents feel like they are included in the budget process. Practicing budget transparency makes residents feel important and limits potential…
Modified Accrual Accounting is one of the most popular forms of accounting methods for HOAs. At first, it can be difficult to master for those that do not have prior experience in the accounting sector. To learn more about how to apply Modified Accrual Accounting to your HOA’s books, read and understand the information below.…
About 350,000 communities have HOAs in the United States. HOA stands for homeowners association. These are residential properties with a board of directors that enforce community rules and regulations. It’s easy to understand the HOA definition; however, there’s more to it than the question, “What does HOA mean?” Here’s a detailed explanation of homeowners associations…
HOA special assessments can be a source of friction between the board and community members. What is a special assessment, and how does HOA special assessment rules affect residents? Can an association just call for an HOA assessment or a condo assessment in the case of high-rise communities? Let’s take a look at why HOAs…