Why do you need a homeowners association reserve study? A reserve study is a budget planning tool that can prepare HOAs for large capital expenditures. With an HOA reserve study, you can ensure the long-term financial health of your community. Importance of an HOA Reserve Study What is a reserve study and why does…
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HOA management and property management are very similar industries — so much so that most people interchange an HOA manager and a property manager. However, these are two distinct professions with different roles and responsibilities. Though there are some overlaps, it’s important to understand the distinction between the two. What Does an HOA Manager…
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Gone are the days of manual bookkeeping for homeowners associations nationwide. With HOA accounting software, you can automate accounting processes and generate financial reports with ease! What Is HOA Accounting Software? HOA accounting software helps HOA boards and managers perform day-to-day financial tasks such as payments, invoices, and wages payments. These actions automatically create accounting…
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Tax season is always a stressful time of the year. One of the questions HOA residents commonly ask is, “Are HOA fees tax deductible?” The answer, though, is not as simple. Are HOA Fees Tax Deductible? A homeowners association runs a community by imposing certain rules, preserving its aesthetics, and maintaining various aspects of…
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HOA management software can help companies and self-managed communities alike. But, choosing the right one for your community can come as a challenge without proper preparation. The Do’s and Don’ts of Picking HOA Management Software Anyone who has ever managed a community association knows how important it is to have the right software to…
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HOA budget planning is an integral part of running a homeowners association. Whether you are new to the HOA board or simply a concerned member of the community, it is essential to familiarize yourself with the planning process. Why Is an HOA Budget Necessary? What is an HOA budget anyway? And why is it…
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It is important for any homeowners association to have HOA reserve funds and to understand the purpose of this separate account. In doing so, an HOA can avoid financial ruin and minimize the need for special assessments. What Are HOA Reserve Funds? Reserve funds, also known as reserve accounts or HOA cash reserves, are…
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Many homeowners know that homeowners associations can place a lien on your property. But, did you also know that some associations, depending on the state, can place an HOA super lien instead? What Is an HOA Super Lien? Simply put, an HOA super lien is a type of lien that takes a higher priority…
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Behind every homeowners association is a set of board members, collectively known as the HOA board, running it. These board members are elected into position by the association’s members. With every board election, though, comes HOA candidate nomination. Determining the HOA Candidate Nomination Procedure It is important to know that every homeowners association may have…
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What is an assessment fee? Contrary to popular belief, HOA assessments are not exactly the same as HOA dues. It is essential to learn the difference between the two, especially if you are considering moving into an HOA community. Separating HOA Assessments from HOA Fees Before moving into any community governed by a homeowners…
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