It is important for homeowners associations to utilize collection actions when members default on their dues and assessments. This is where an HOA lien on the property comes in handy. What Is an HOA Lien? Homeowners associations operate using a membership format. When someone buys a house in an HOA community, that person automatically…
There are many homeowners associations that accept ACH payments for HOA dues. But, that does not mean it is the right choice for everyone. Should yours do the same? The Thing About ACH Payments for HOA Dues Paying dues is a common pain point among homeowners living in HOA-run communities. Although there are some…
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…
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…
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…
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.…
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 —…
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…
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…
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…