The IRS treats homeowners associations (HOAs) and condominium associations (COAs) as corporations, regardless of whether they are residential or commercial. This means they are required to file a federal income tax return. In some states, these associations are also expected to submit a state tax return. Note that the requirement to file returns doesn’t necessarily…
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Property ownership can be a burden or a pleasure, depending on the current situation. This business is cyclical. It requires a special ingenuity to make it profitable even through the downward trends or shaky market economies. Commercial real estate ventures have their own concerns around tenancy issues, but they are minimal compared to those faced…
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It is important to maintain a good relationship with your vendors. Reliable vendors can benefit management companies for years. But how do keep this relationship strong? Vendor relations can be strained when you have unorganized documentation. Outdated documentation systems like filing cabinets or that stack of receipts on your desk is the quickest way to…
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Good financial reporting is essential to the smooth operation of every community association. Homeowners and board members alike invest a lot of time and money into their associations, and they have a right to know where that money is going. That way, they can know if their investment is going to the benefit of the…
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Perhaps the most important service an association management company provides is accounting. Homeowners pay a lot of money each year for the privilege of living in an HOA community, and deserve to know their investment is being handled with care. Community managers, therefore, need to have good processes in place to handle payments and access…
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It is typical for the developer to retain control over the HOA when a new community is built. Control of the community should eventually be transferred to the residents. This is a critical time for the community. There are a lot of decisions to be made, documents and records to collect, and rights to be…
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Whether you are an HOA management company responsible for dozens of associations or a self-managed association of only a dozen units, clear and timely communication with homeowners and service providers are essential to smooth operations. Unfortunately, this is often more easily said than done. Many management companies will try to get by with organically developed…
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The modern world is always online. People expect instant access to information whenever and wherever they are. The idea that someone would have to call or email a request for something as simple as an account balance and then wait for a response is, frankly, unacceptable for most people today. Luckily, Condo Manager provides an…
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If your HOA board is considering taking out a loan for a necessary repair, it can be difficult to decide whether or not to take out a loan. If you do wish to take out a loan, it is important to consider your unique position, do the necessary preparations, and ask the correct questions before…
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Board members can resign for many reasons. It is not always for a disagreement or something else unpleasant, but can be simply due to a new election, a life change on the part of the board member, or the desire of the board member to move on. Whatever their reasons for their stepping down, the…
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