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4 Ways Ignoring Experts Are Detrimental to HOA Boards

We’re thinking that failing to seek experts’ opinions before the Board issues its decisions (attorneys, CPAs, landscapers) could prove quite the bad idea. Read on for examples in which doing so would inure to the HOA’s detriment — and to

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Four Ways to Identify Condo Association Consultants

Today’s post was inspired by a reader’s email seeking advice on how to identify good vendors and technical representation. This is a great question, particularly on the technical representation side. Technical representation is a key resource that your Condo Association

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The Condo Association Board Accountant Profile

This week’s Condo Association Board personality is on the Condo Association Board Accountant. The Accountant loves numbers and money, specifically making sure your Association has plenty of it. This is an important consideration for most Associations, as money makes the

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What is the role of a CPA in a Homeowners Association (HOA) ?

Both board members and homeowners have an interest in the money end of an HOA’s business. After all, it’s the owners who have to pay higher fees when the homeowners association goes over budget. And it’s the Board who is

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Tips for Understanding the Role of an HOA CPA

Both Board members and homeowners have an interest in the money end of an HOA’s business. After all, it’s the owners who have to pay higher fees when the homeowners association goes over budget. And it’s the Board who is

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The Importance of Condo Association Good Will

Much of Condo Association planning and strategizing is based on maximizing resources. How do you make the most of Condo Association assessments? Does your community budget well? How do you maintain reserves? The answers to these questions are vital to

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When To Call In The Professionals To Advise Your Board

Since these areas are crucial, we have found that using professionals to assist boards in making the right decisions for property owners can guarantee that communities are run smoothly

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The Art of Picking Professionals: To Choose or Not to Choose

Running the day-to-day business of a condo development or an HOA of any size—be it a sprawling, multi-building community, or a single self-contained building—requires not just a functional board but a team of competent outside professionals. These professionals keep things

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Essential HOA Professionals

The board of a homeowner association is charged with making informed decisions. To make informed decisions requires consulting with knowledgeable professionals when the topic exceeds the board’s experience. Professional relationships that every HOA board should have include an attorney, CPA

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The Annual Audit -Taking Your Association’s Financial Pulse

The health of your association’s finances can have a dramatic effect on the board of director’s ability to effectively maintain the property’s assets and value. In order to keep the property’s assets in good order and keep home sales on

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Toeing The IRS Line In Homeowner Associations

In 1995, the IRS issued a Tax Advice Memorandum relating to the audit of a Florida time-share association. In this Memorandum, the IRS drew parallels between time share and homeowner associations relating to filing tax form 1120       Read

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Hiring Professionals – A Winning Approach

One of the key questions facing volunteer community association boards is, “When should we hire a professional to assist us?” This question oftentimes will apply to professional management companies, construction professionals, vendors and service providers, accountants, attorneys and    

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Trusting your Professional Service Providers

Homeowners associations are comprised of people from all walks of life, and for that very reason their boards of directors often consist of individuals who bring various levels of knowledge to the administration of the association      Read more……..

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Essential HOA Professionals

The board of a homeowner association is charged with making informed decisions. To make informed decisions requires consulting with knowledgeable professionals when the topic exceeds the board’s experience. Professional relationships that every HOA board should have include an attorney, CPA

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501(c)(4) Tax Exempt Homeowners Associations

This site provides information regarding tax exempt homeowners associations. We hope that you will find the information on this site helpful in understanding the differences between the various Internal Revenue Code (IRC) Sections under which an association may qualify for

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Related Party Transaction

The accountants performing audits and reviews on the associations that I manage come to my office each year and among the questions that they ask is: “Were there any related party transactions?    Read more……..

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Selecting a Certified Public Accountant (CPA)

As legislation related community associations increases in many states across the U.S. , one aspect that is receiving attention is the need for the Association’s Board of Directors to maintain credible and timely financial statements. More and more Associations are

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