The HOA finance committee fulfills many essential responsibilities, especially in a self-managed community. With a capable finance committee, the HOA board will find it easier to manage its financial duties.
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Budgeting is vital to the success of your homeowners' association (HOA) and can prevent your community from facing financial troubles. Here are some tips to ensure that your community association is proactive, prepared, and adequately plans for the future.
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While keeping dues as low as possible sounds like a good idea, it's not always the best idea. Read on to discover when raising dues is actually in a community's best interest.
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This post focuses on the following question: How should HOAs allocate reserve fund contributions between the community's portion completed and future planned build-outs?
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You may be able to enhance value and save money on budget items you never considered. The even better news? Our professional property management company can help! In some cases, that may mean getting higher value for your money than seeing instant savings. Read on to learn more.
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The COVID-19 pandemic is creating financial impacts that may change the course of dues in the future. Board members may have to invest in extra cleaning, disinfecting, and other services to help keep residents safe and healthy. At the same time, however, your association's residents may have difficulty making their assessment payments.
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Significant expenses in development occur, and homeowners must cover the costs, one way or another. An HOA commonly maintains a type of savings account called the cash reserves or a reserve account for significant, infrequent, or unexpected common area costs.
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Whether your association plans for the expense or not, equipment, and other significant components, such as roofs, must be replaced from time to time. This statement is especially true if your HOA offers various amenities, such as pools, playgrounds, and workout facilities. For this reason, your HOA should have reserves to plan for the unexpected.
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The arrival of the fall season means pumpkin spice lattes and cooler weather. For board members, it also means reviewing the annual budget. We at Condominium Associates want to help you make this process as painless as possible. Here are seven steps that board members can follow to prepare for the annual budget review.
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