What Is an HOA?

What Is an HOA? A homeowners association or HOA is an organization overlooking neighborhoods within a community or subdivision. The association creates and implements rules for the residents. People who purchase property within the jurisdiction of the HOA will automatically become members. Like any other organization, there is a monthly fee for homeowners associations. Fees…

What is a COA?

What is a COA? A COA or Condo Owners Association is an organization that oversees, regulates, and maintains condo properties. This includes the building itself, the parking lot, lawn, playground, etc. The COA creates and implements rules for the residents and their condo units. People who purchase a unit under the jurisdiction of a COA must…

What is an HOA Statement of Receivables?

HOA Statement of Receivables A statement of receivables, or accounts receivable statement, is a document that details the outstanding charges owed to the community association. This can be from sources such as overdue assessments, vendor credits, late fees, or any other outstanding source of income. It is essentially a list of every account that still…

What is an HOA Income Statement?

HOA Income Statement Unlike a balance sheet which shows a quick snapshot of HOA finances at a certain point, the income statement shows financial information over a period of time. Usually, the period of time is the rate at which you prepare your financial documents whether it be monthly, quarterly, or annually. The income statement…

Understanding an HOA General Ledger

HOA General Ledger The foundation to all HOA accounting is the general ledger. Much like your checkbook at home, the HOA general ledger keeps an ongoing record of all transactions made by the community association. All other financial statements such as the balance sheet, income statement, and statement of receivables are created based on the…