Homeowners association board meetings are where important decisions are made. There are different types of HOA meetings depending on the purpose or matter at hand. For efficient and productive HOA board meetings, here’s what you need to know. What Are the Different Types of HOA Board Meetings? Not all HOA board meetings are the…
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Part of hiring an HOA property management company is paying a set fee in exchange for services to the association. But, how can you separate the reasonable fees from the questionable ones? The key is to understand how an HOA management fee works. What Is an HOA Management Fee? Homeowners associations don’t run on…
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Prompt and reliable dissemination of information is a key element of successful HOA management. In order to accomplish this, you will need various HOA communication tools. HOA Communication Tools and How to Use Them One of the duties and responsibilities of your HOA board is to communicate with association members. From making announcements to…
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Homeowners association accounting is a critical part of managing any HOA community. The key to successful accounting, though, starts at the beginning — choosing your accounting method. Among the three possible options, HOA accrual accounting remains unsurpassed. What Is HOA Accrual Accounting? The accrual basis of accounting dictates that you should record revenues and…
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Are HOAs required to file tax returns? Even though they are non-profit organizations, all HOAs must still file their income tax return each year. In order to better understand the requirement, here’s everything you need to know about the homeowners association tax form, also known as Form 1120-H for HOAs. What Is Form 1120-H…
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Investing in a rental property is a great way to earn passive income. But what you’ve likely learned by now is that managing a property is not passive at all. The financial responsibilities alone can take up most of your time. If you’re looking for a cost-effective solution, consider investing in property management accounting software.…
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Great, reliable service from vendors can be hard to find so when you do, it’s important to nurture the business relationship. However, with so many things going in, board members can easily lose track of homeowners association payments, vendor contracts, and other important documentation. If you want your vendors to deliver a high level of…
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Do you have problems with homeowners association financial reporting? Even with a financially literate board, mistakes can still happen. What’s important is that you’re able to identify these HOA financial reporting mistakes early on and make changes so that they never happen again. If you want to protect the financial position of your HOA, here’s…
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Perhaps the most important part of managing an association is the accounting and record keeping. Homeowners pay money for the privilege of living in an HOA community, and deserve to know that their investment is being handled with care. Community managers, therefore, need to have good processes in place to handle payments and access to…
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The control of every development must eventually transfer from the developer to the members of the homeowners association. But, the HOA turnover process is not always easy and trouble-free. What Is an HOA Turnover? And Why Is It Necessary? An HOA turnover, also known as a community turnover, is exactly as it sounds. It…
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