HOA In Debt: What Can The HOA Do?
An HOA in debt can cause stress for both the board and homeowners. Debt can result from many things, including poor planning, unpaid bills, or unexpected expenses that exceed the budget. When this happens, the community’s financial stability and reputation are at risk. Common Reasons for an HOA in Debt In many ways, condos and […]
What Is A Fidelity Bond? Are Texas HOAs Legally Required To Have One?
What is a fidelity bond? In an HOA or condo, it’s a safety net that protects the community’s money from theft or fraud. In Texas, some HOAs wonder if it’s just something nice to have or something they’re legally required to carry. What is a Fidelity Bond? A homeowners association fidelity bond is there to […]
What Are HOA Loans Used For? Can Any HOA Apply For It?
HOA loans can really keep a community afloat when money runs out, but big repairs often can’t wait. Sometimes, dues just won’t cut it, and the reserve account’s running low. In that case, borrowing becomes the only way to move forward. What are HOA Loans? Homeowners association loans are just what they sound like — […]
HOA Reserve Study: Are There Requirements In Texas?
A reserve study helps an HOA or condo plan for big repairs and replacements before they become emergencies. It’s one of those tools that keeps communities financially stable. But are associations in Texas actually required to do one? What is an HOA Reserve Study? A reserve study for condo association or HOA is a financial […]
How To Get Your HOA Budget Right
The HOA budget serves as an association’s financial guide for the year. Without it, association boards would have no way of anticipating expenses and calculating regular dues. That said, communities can’t just use the same annual budget over and over again. It requires careful planning and oversight. What is the HOA Budget? The homeowners association […]
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 […]
