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…
Homeowners associations come in all shapes and sizes. Some are professionally managed, making it easier for their HOA boards to make decisions and protect property values. Others, however, rely purely on volunteer board members to run the community. While there is nothing inherently wrong with this approach, self-managed HOA problems do accompany it. Self-Managed…
Many board members neglect the risks of self-managed HOAs. These risks can put an entire association in jeopardy, threatening not only its operations but also its funding. It is important to understand these risks so that board members can avoid them. Alternatively, HOA boards can decide to switch to professional management. The Most Notable…
In recent years, allocating HOA insurance deductibles has become a top priority among community associations. This is largely due to the increase in premiums, which associations are struggling to keep up with. While insurance can be a tedious issue, it’s one that associations can’t afford to neglect. After all, insurance plays a crucial role in…
Homeowners associations would do well to stay within the reserve funds FDIC limit. Doing so can help the community protect their funds and remain financially healthy. But, what exactly is this limit and is it truly important? Let’s find out. What Is the FDIC? The Federal Deposit Insurance Corporation (FDIC) is an independent agency…
The Corporate Transparency Act is a relatively new law that has just taken effect. It has major implications for corporations across the country. Does it apply to community associations? Moreover, does it matter whether they are incorporated or unincorporated? Let’s find out. The Corporate Transparency Act Explained In 2021, Congress passed the Corporate Transparency…
Knowledge of the buggiest state in the U.S. is crucial in pest control, particularly for homeowners associations. This information is pivotal for shaping effective pest control strategies and addressing specific bug problems within communities. Which states have it the worst? And what kind of pests are the most undesirable among Americans? What Is the…
Typically, an HOA saves money by cutting back on all expenses, but this is not always practical. It is essential to look at the HOA’s budget, identify items where the association is overspending, and adopt strategies to ensure financial health. Saving money is essential in current times when inflation and costs seem to be rapidly…
Homeowners will often face HOA fines when they violate the community’s rules, but are these fines necessary? What are they for, and should homeowners pay them? In this article, we break down everything you need to know about these monetary penalties. What Are HOA Fines? Homeowners associations typically collect HOA fees to pay for…
When an HOA board member breaks rules, do they face the same consequences as other homeowners? This is a question a lot of HOA residents ask. Board members run the show, making decisions and enforcing the rules. As such, it is only normal to wonder whether they need to follow the rules, too, or get…
As the new year rolls around, one thing is on everyone’s mind: Will HOA fees increase in 2024? Homeowners are likely gearing up for what’s ahead, planning their finances, and drawing a budget, especially after spending a lot over the holiday season. Similarly, HOA boards are set to prepare an annual budget for their associations, but…