Encouraging Your HOA Reserve Study

A homeowner’s association reserve study is very important, as it helps the Board set a realistic budget, maybe with Accounting Software for HOA by considering all possible extra expenses, like emergencies and repairs that weren’t anticipated. It’s not uncommon for homeowners to show some resistance to the reserve study report, though, as they have trouble justifying…

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The Life of a Homeowners Association Manager

Whether you’re considering becoming a homeowners association manager, thinking about hiring one and wondering what they do, or just curious about the process, here is some insight for you into the day-to-day routine of an HOA manager. A Little of Everything The term “HOA manager” perhaps doesn’t do the role justice, as there are many responsibilities…

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Why Your HOA Needs Accounting Software

Why its necessary for your HOA to use accounting software   You’ve probably heard or seen advertisements for Accounting Software for Community Associations, but you might be wondering if they could actually benefit your homeowner association. Homeowners association accounting software helps with day-to-day tasks like payments, invoices, wages payments, and regular reports like balance sheets, profit…

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Understanding HOA Accounting Basics

Understanding HOA accounting basics   When doing accounting tasks with Homeowner Association Software, you have to think reverse of how the typical American sees their household income and budget. With HOA’s, the Board begins by determining the association budget FIRST, then the estimated expenses, followed by determining the revenue source — which is mostly the fees…

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HOA Budget

HOA Budget Tips

Before purchasing a condominium, most potential buyers take a good look at the Home Owners’ Association (HOA) dues. Not only can high HOA dues be a deterrent to buying a piece of property, but it can also be a hindrance to finding a buyer when you decide to sell. As an owner, you can get…

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Do HOAs Have To File Tax Returns?

A home owners association is considered a corporation by the Internal Revenue Service. Even if the association is organized as a non-profit, the IRS will treat it as a corporation. That means HOAs must file tax returns, including a state return in some states, but that does not necessarily mean an HOA may owe taxes.…

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