Homeowners associations (HOA) have many responsibilities when it comes to protecting the assets of the community. Having accounting standards comes along with that engagement. Before putting any of that into practice, however, you must first understand the three methods of HOA accounting. These three methods are the basis of accounting. When setting up your HOA…
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As a board member of a homeowners association, you might have found yourself in the middle of an exhausting search for an HOA management company to take over your operation. When looking for the right management company, it is important to get to know their goals, ideals, and way of doing things. A good way…
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You, along with your fellow homeowner’s association members, have decided that it is time to seek the help of a management company. One of the first questions that come to mind is, “Which association management company to hire?” To be able to determine your options and assess which management company is best for your community,…
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What is an HOA fee for, and why do you have to pay it on top of your home expenses? If you’ve just purchased a home in a community maintained by a homeowners association, you may be wondering what do HOA fees cover in the first place. Homeowners associations often provide extra amenities, such as…
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Homeowners’ association board members often deal with the question: “How much money should an HOA have in reserve?” Similar to businesses or organizations, HOAs use reserve funds as a means to prepare for the future. HOA reserve funds are highly liquid assets that are used to meet future financial obligations. Reserve funds can come in…
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Homeowner associations provide a host of services for subdivisions, condominium complexes, and apartment communities. But most HOA board members are volunteers and too busy to provide all the services they are supposed to. This is what HOA management companies need to fill. When you find a good one, hiring an HOA management company is a…
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There are few HOA rituals as universal as the annual meeting. This meeting, held once a year, sets the groundwork for how the entire community runs. At the HOA annual meeting, the board holds elections, sets the budget, and takes association member questions about the direction of the HOA. With so much going on at…
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When you picture a beautiful neighborhood, you think of clean houses with pristine surfaces and well-maintained common areas. While these are typically what come to mind, they don’t stay without effort. Many homeowners believe community pressure washing is unimportant and a waste of money, but the truth is quite the opposite. In addition to cleanliness,…
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A good community association manager is essential to smoothly run an HOA. While not technically a member of the board of directors, they work hand-in-hand with the board when it comes to managing the association’s operations. The specific responsibilities of community managers often vary from company to company and community to community. These responsibilities can…
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Behind every successful homeowners association is a competent board of directors. Many know about HOA boards but few really know what goes on behind the scenes. What exactly are the HOA board duties, roles, and responsibilities? If you don’t know it yet, an HOA board runs the association, occasionally with the assistance of an HOA…
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