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How to Handle Increasing Member Assessments
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Having a proper, fiscally responsible budget in place is necessary for the successful operation of any homeowner’s association. Just as with any budget, income and expenses must be considered - for an HOA, this income mainly comes in the form of owner assessments. When projecting yearly expenses for an association, those serving on ...
When Your Association Should Consider a Buydown Policy
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Insurance coverage is one of the many important aspects of managing and protecting community assets that HOA boards of directors must keep in mind. If associations are faced with large deductibles, one option to consider is a buydown deductible policy. Buydown insurance policies can sometimes prove to be a great benefit to homeowner&rsquo...
Crunching Numbers: What Goes Into a Community Association’s Budget?
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Budgets are crucial to a community association’s financial operation. Just like for-profit businesses, association boards should work diligently to develop annual budgets that estimate revenue and expenses for the upcoming fiscal year. A properly drafted budget can help prevent reduced services, deteriorating property, or special as...
What to do if There are Insufficient Reserve Funds
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What are reserve funds and what are they used for? Reserve funds are broken down into capital and non-capital expenses; capital would be replacing a roof; non-capital would be painting. These are IRS terms really, but for HOAs reserves are in general a savings account saving up to take care of long-term repairs and replacement &mdash...
Tax Season: What Your HOA Should Know
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Tax season isn’t just a fun time for residents and businesses in North Carolina, it’s also a big piece of the financial puzzle for homeowners associations (HOAs). As complicated as federal and state income taxes may seem to everybody else, they can also provide some twists and turns for HOA board members and are something that...
The Value of Partnering with Financial Institutions
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Community management companies, like the rest of the world, are being targeted for fraud and the threats are growing. This includes people attempting to cash fake checks at local banks, embezzlement, and cyber fraud via email and the internet.   It’s not easy or quick to determine fraud is happening, either; the average sc...
Is It Time to Reorganize Your Association’s Files?
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If your community association has been around a while, it’s probably safe to say it has amassed some paperwork over the years.As warmer weather leads many of us to turn our attention to spring cleaning, it can be tempting for association board members to focus their sights on those dusty old files.Before you toss those folders or sh...
Tips for Avoiding Budget Headaches
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If you’re a member of a property owners or homeowners association board of directors, chances are, there’s one time of year you dread more than all others – budget preparation.The annual budget planning process – which usually begins in the fall since most property owner’s association (POAs) and homeowner&rsq...
How Does Professional Management Benefit You?
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Anyone who has dealt with a leaky roof knows that finding the right person for the job is crucial because – unless you know a thing or two about reattaching or replacing shingles – you are entrusting someone else with your home’s safety and your family’s wellbeing.The same can be said of professional management com...
Keeping Your Association’s Money Safe
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Every board of directors of a property or community association has a lot of duties to perform – from ensuring guidelines are met and enforced to fielding casual concerns from neighbors.But perhaps the most important responsibility you have as a board member has is to protect the association’s funds. Given that you have b...

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