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. 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 for HOAs?…
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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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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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Communication in homeowners associations is crucial for success. However, with so many tasks and responsibilities, it can be easy to forget appointments, misplace paperwork, or lose track of conversations — leading to communication breakdowns between homeowners, board members, and their association managers. Condo Manager software improves HOA communication so you can enjoy more seamless and…
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From access to various information to easy dues payments, a homeowner online account can help members of an HOA in many ways. The challenge is finding the right one that meets your standards. Key Features of a Homeowner Online Account Portal The modern world is always online. People expect instant access to information whenever and…
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When faced with unexpected expenses or necessary repairs, not all homeowners have funded reserves or the capacity to levy special assessments. Instead, they will take out a loan. HOA loans require adequate planning and understanding the intricacies of association loans can increase your chances of approval as well as help you get the best rates.…
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Having a regular HOA newsletter sent to the homeowners in your community, whether by mail or by email, is a great way to keep everyone involved and inform the community of upcoming projects and events. It is something that you should not forego as it is an important step to improving your HOA. HOA…
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Condominiums are becoming increasingly popular in the United States, with many choosing to live in condos due to their affordability and convenience. But, with condo living comes condo fees. What Are Condo Fees? If you have ever lived in a condominium, then you know there are common areas that all owners share. These common…
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