HOA Initiation Fees: Are Homebuyers Required To Pay It?
Potential homebuyers should familiarize themselves with HOA initiation fees, as some communities charge this to new owners. In the same way, board members should understand the limitations of authority when it comes to charging this fee. What is an Initiation Fee When Buying a House? An HOA initiation fee is essentially a one-time fee that […]
Do HOAs Pay Taxes?
Do HOAs pay taxes? Board members of a homeowners association should understand that their responsibilities also extend to managing taxes. Navigating the ins and outs of federal and state taxes, though, can be challenging without the right guidance. Do HOAs Pay Taxes? In many ways, homeowners associations are like corporations. Corporations must pay federal taxes, […]
What Are HOA Loans?
Homeowners associations need ample funds to perform maintenance activities, enforce rules, and provide convenient services. While HOA fees can often cover costs, they are not always enough. This is why some associations turn to HOA loans. What Are HOA Loans? HOAs have several income streams at their disposal to fund daily operations. The most common […]
HOA Annual Calendar: Why It’s Important And How To Make One
An HOA annual calendar is a helpful tool to keep your community on track. The HOA can pre-schedule major events so board members, volunteers, staff, and residents know what to expect in the coming year. It also helps you track renewal dates and important deadlines. What Is an HOA Annual Calendar? An HOA annual calendar […]
Most Common HOA Voting Rules For A Legitimate Election
HOA voting rules are vital to every election. Without them, the community’s elections may be unfair and neglect due process. What HOA voting procedures should your community adopt? Let’s find out. Common HOA Voting Rules Every election must adopt a set of HOA board member voting rules. Some states even require associations to adopt proper […]
Why The HOA Election Of Officers Is Vital For The Community
The HOA election of officers is a vital part of living in a planned community. It determines who will be responsible for the association’s operations. Moreover, it can make all the difference between a struggling HOA and a successful one. HOA Election of Officers: Why It’s Important Most people have some inkling of homeowners associations […]
Avoiding Homeowner Issues WIth Clear HOA Parking Rules
A homeowners association without clear HOA parking rules can quickly become disorganized and aesthetically unappealing. After all, parked cars can become an eyesore if there are too many or if the cars are parked in the wrong places. Communities should carefully create and enforce their parking rules to ensure order. Common HOA Parking Rules Your […]
What Are The Different HOA Committees? What Are They For?
HOA committees help communities fulfill essential roles and achieve the association’s goals. They consist of volunteers and board members and are essential to the success of a homeowners association. Types of HOA Committees There are many different kinds of HOA committees. However, not all HOAs will have every single kind of committee. The committees that […]
Understanding The HOA Income Statement For Homeowners
The HOA income statement is an important document that can provide insight into the HOA’s operations. It can be a complex financial statement for homeowners, but it’s crucial to understanding the HOA’s financial standing. What Is the HOA Income Statement? The HOA statement of income or income statement is a financial statement that shows the […]
What’s Inside An HOA Balance Sheet And How To Understand It
The HOA balance sheet is a crucial financial statement that all homeowners must understand. It can give them a glimpse of how the association is faring financially and reveal whether or not any looming financial setbacks hinder the community. Let’s examine what’s inside the HOA balance sheet and how to understand it. What is an […]