Balancing your checkbook is very different than managing a Homeowners Associations (HOA) financial records. If you are responsible for the bookkeeping, you should probably hire an accountant if you don’t have the knowledge or experience needed to maintain the books according to the current laws. Read the entire article……………………………….
The end of March is officially national spring-cleaning week! Your Board’s HOA spring-cleaning checklist should include a check-in with your association’s finances and plan for the rest of the year. While we cannot predict what will happen, the best way to protect the association from uncertainty is to have a financial plan. Read the entire article……………………………….
Many believe that associations are not required to pay taxes because they are non-profit corporations. However, in most cases, that is not accurate. In order for an association to be exempt from taxes, it must qualify as a tax-exempt entity under Section 501(c)(3) or (4) of the Internal Revenue Code. Read the article……………………………
Whether due to an economic downturn or other reasons, homeowners associations are not exempt from financial issues. The situation can degenerate even further to the point that an HOA is forced to consider bankruptcy. But, is HOA bankruptcy even a viable option? Read the article……………………………
Much like a business, a functioning community incurs costs and earns revenue. As such, it’s important to set up HOA accounting standards to maintain accurate financial reporting. Now, accounting can be quite stressful for community managers to navigate. With so much money going in and out, sometimes on a daily basis, it can be a […]
Because of the uniqueness of every homeowners association, it can at times be difficult to form an exact opinion about the financial health of your HOA. However, knowing where your community stands in this area can be extremely helpful. There are a few ways that you and the rest of your board can assess the […]
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 responsible for hiring the right people to run the HOA’s financial business. The good news […]
Last week, we gave tips to bulletproof your HOA against embezzlement and asked, “Who is guarding the guardians?” This week, we continue our discussion about HOA fraud and how to protect your investment. Frank Abagnale, one of the nation’s most respected authorities on the subjects of forgery and embezzlement, knows about thievery. Read the […]