Like many other organizations, homeowners associations can also encounter a bad debt. But, what is HOA bad debt anyway? And how can associations prepare for this?   What Is HOA Bad Debt? Debt is a monetary amount owed by a debtor to a creditor. A…

Tax season is always stressful, especially for homeowners associations with no experience on the subject. But, filing your HOA tax return does not have to be an uphill battle.   HOA Tax Return: Is It Necessary? Does an HOA have to file a tax return?…

Income is paramount to the successful running of any organization, HOAs included. While the HOA primarily relies on dues or assessments for HOA revenue, it can turn to other modes of earning cash, too. So, how can the HOA make extra money?   How Can…

Planning an HOA budget can be difficult work, especially if you’ve never done it before. With so many things to consider, it’s easy to lose track of the details. Luckily, adopting these HOA budget best practices can ensure a smooth preparation.   HOA Budget Best…

Sufficient HOA reserves not only help your community thrive in good times. In times of disaster, your reserve fund contribution can also help the HOA get things back to normal.   What Are HOA Reserves? Homeowners association reserve funds are the money (or some other…

Accounting is arguably one of the most challenging aspects of managing an HOA community. Yet, HOA accounting remains an integral part of your job as an HOA board member.   The Importance of Proper HOA Accounting A homeowners association functions in very much the same way…

HOA accounting is perhaps one of the most demanding facets of managing a homeowners association. Yet, it also remains integral to the smooth operations of any community.   Understanding HOA Accounting Methods Also known as the basis of accounting, the accounting methods dictate the timing…

The annual budget is a cornerstone of every homeowners association. Yet, HOA budget planning is a task many HOA boards find daunting because it takes a lot of work. Simplify the process by following a few easy steps.   What Is an HOA Budget? A…

HOA reserve funds are integral to any homeowners association. Without them, your HOA may be forced to make unpopular financial decisions or delay crucial repairs.   What Are HOA Reserve Funds? What does reserve funds mean? A reserve fund functions as the association’s savings account….

Review HOA finances with the same care that you check your own. That’s how personally you need to take HOA financial reviews. If you’re part of an HOA financial committee, then reviewing HOA finances is not just a responsibility. It’s a habit that will save…

An HOA audit is just about as important to an HOA as annual health checkups are to you. These audits ensure the financial health of the association. A complete audit of HOA books, however, can be a costly activity.   What Is an HOA Audit?…