In a lot of ways, homeowners associations are just like corporations. They operate with a budget, are headed by a set of board members, and manage a reserve fund. But, what are HOA reserve funds anyway? What Are HOA Reserve Funds? Simply put, a reserve fund is a savings account. It contains funds that…
Consumers are protected by certain laws when it comes to debt collection. Chief among them is the federal Fair Debt Collection Practices Act. But, does this law apply to homeowners associations, too? Fair Debt Collection Practices Act Definition The Fair Debt Collection Practices Act (FDCPA) is a federal law governing the collection of debt.…
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…
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…
The 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…
“How do I pay my HOA fees?” Homeowners often ask this question, but many HOAs only offer the same traditional method. But, there are a few different payment methods for HOA dues that associations can start adopting. Convenient Online Payment Methods for HOA Dues Many homeowners find difficulty with the current payment methods their HOA…
Automation makes HOA management easier. Streamlined processes, such as automatic invoicing, increases efficiency and reduces manual labor. However, there are still a lot of HOAs that use manual invoicing processes. If you want to determine which is best for your HOA, here’s what you need to know about manual invoicing vs automatic invoicing. What…