HOA Financial Statements: What Every HOA Has And Who Can Access Them?
The HOA financial statements are an essential part of responsible association management. Every homeowners association and condo board needs them to stay transparent and financially sound. These reports enable the board to monitor income, expenses, and the overall financial health. Understanding HOA Financial Statements Homeowners association financial statements are records that show how an HOA […]
Are You Legally Required To Do A Yearly HOA Audit?
An HOA audit is a useful tool that ensures the accuracy and completeness of an association’s financial statements. It essentially helps maintain the long-term financial health of the association. That said, many boards struggle with audits and their requirements. What is an HOA Audit? An HOA financial audit is an in-depth investigation of the association’s […]
Best Practices In HOA Collection Of Delinquent Accounts
HOA collections play a significant role in the operational and financial stability of a community. Board members are responsible for collecting dues from homeowners. When these dues go unpaid, it can result in severe consequences for the HOA, making collection strategies all the more important. The Importance of HOA Collection A homeowners association relies on […]
HOA Fees Or Dues: Frequently Asked Questions
Homeowners and board members must fully understand how HOA fees work. Remaining in the dark can not only create confusion and frustration but can also lead to financial mismanagement. Here are the most frequently asked questions about HOA fees. What are HOA Fees or Dues? Like any organization, homeowners associations rely on funds to operate […]
HOA Accounting Guide For HOA Board Members
Board members must understand the basics of HOA accounting. After all, accounting plays a crucial role in a community’s financial stability, but not many HOA leaders know the first thing that goes into it. The Importance of HOA Accounting Accounting is the foundation of any strong organization, including homeowners associations. Proper accounting helps HOAs track […]
