Increasing HOA fees are a huge pain point for many members of an HOA-run community. But, can an HOA board even legally raise the fees? Increasing HOA Fees: It All Starts With Budgeting To truly grasp the need for fee increases, you must first understand how homeowners associations work. Homeowners associations exist to maintain…
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Dues collection is often a pain point for many homeowners associations. If you struggle with this aspect of community management, setting up electronic payments for HOA fees may be the answer to your problem. The Benefits of Using Electronic Payments for HOA Fees Homeowners have an obligation to pay dues to their association, and…
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When it comes to dues collection, late payments seem more like a common occurrence than early ones. But, should early payments of HOA dues even be encouraged? Should You Allow Early Payments of HOA Dues? Members of homeowners associations have an obligation to pay dues to fund the maintenance needs of the community. These…
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Every homeowners association relies on a carefully crafted budget for its yearly expenses. But, what does an HOA budget template look like? And what should it include? What Is an HOA Budget Template? Why Is It Important? Homeowners associations operate on an annual budget usually prepared by the HOA board or the budget committee.…
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The HOA account delinquency report is an essential part of the financial reporting arsenal. Unfortunately, not all association boards know how to prepare this important report. What Is an HOA Account Delinquency Report? A delinquency report is a statement showing all of the delinquent accounts in a given homeowners association. Let’s face it —…
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The HOA accounts payable report is an important tool for measuring an association’s debts. Unfortunately, not all board members fully understand how it works. What Is an HOA Accounts Payable Report? As with other organizations, a homeowners association operates with the help of a financial system. Homeowners pay monthly dues, which the association then…
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An HOA general ledger is a valuable tool for tracking and measuring your association’s finances. But, many HOAs simply don’t realize how important this financial report is. What Is an HOA General Ledger? The general ledger is the prime repository of a homeowners association’s financial data. It serves as the association’s ongoing record of…
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Every homeowners association deals with money. Without proper controls and reporting, though, it can be easy to lose track of the association’s cash. This is where an HOA cash flow statement comes in. What Is an HOA Cash Flow Statement? A cash flow statement is a financial report that depicts the amount of cash and…
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The HOA income statement is a part of every association’s range of financial reports. Therefore, it is important to know what this statement does and what you can find on it. What Is an HOA Income Statement? An HOA income statement is a financial report that presents the association’s revenues and expenses for a…
DetailsThe HOA balance sheet is an important financial tool in any given homeowners or condo association. Making sure you prepare this report accurately is essential to the financial health of your community. What Is an HOA Balance Sheet? The balance sheet is one of several financial statements or reports that organizations use to assess…
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