Being a part of a Homeowners Association (HOA) comes with responsibilities, one of which is attending the annual meeting for membership. The annual meeting is a crucial event where members come together to receive updates, discuss community matters, and make decisions that affect the neighborhood. If you’re a member of an HOA board or part of the planning committee, here’s …

Financial health is vital in all aspects of a homeowner’s association (HOA) to thrive. For that reason, associations should have two major financial accounts, one would be the primary operating fund and the other would be the reserve fund. WHAT IS A RESERVE FUND, AND WHY IS IT NECESSARY? Operating funds are created to handle the association’s day-to-day expenses, including …

For HOA communities, the beginning of the year is an important time for planning. In order to set your community up for success, there are several things you can do this month to ensure your checklist is updated and your financials are in order. Here are a few noteworthy items to consider tackling in February: 1. Review last year’s budgets …

This year, there will be a few important changes to HOA legislation. Following the passage of AB 1410, which was signed into law by Governor Gavin Newson on September 30, we will see the regulations outlined in this bill become effective at the beginning of 2023. AB 1410 addresses issues that arose from certain isolated incidents throughout the state of …

As the year comes to a close, there are several tasks that need to be completed, including closing out the books for 2021. This year-end accounting encompasses processing financial documents, balancing ledgers, and reconciling accounts, which are all important factors that can negatively impact your association’s financial standing in the new year if not properly addressed now. In order to …

As we head into November, the new year draws nearer each day. For an HOA community, that means that the countdown has begun to finalize your budget for the upcoming fiscal year and prepare for your organization’s annual review. One of the key responsibilities of an HOA board is to effectively and responsibly manage the association’s funds. This is done …

September marks the final quarter of the year, meaning that it’s already time to start planning for 2023. This includes evaluating your current HOA management strategies to determine if they are yielding successful outcomes. If you’re looking for a new HOA management company, we have good news – our end of the year deal is here, providing HOA communities with …

To be prepared for 2023, it is important to have all your budgeting for your HOA community done before November 1st. Preparing an annual budget for an HOA community is not an easy task; it is a complex activity with many steps. A well-defined, well-written budget is a powerful financial tool allowing funds to be saved and/or allocated for specific …