Using Grants For HOAs: Finding Funding Opportunities
Board members can look into securing grants for HOAs to reduce the financial burden on homeowners. While grants are not available for every association or every type of project, they can provide valuable financial assistance for eligible improvements. It is important to learn where to look and how to apply for these grants to increase […]
What Is A HOA Loan? Will It Benefit The HOA’s Finances?
What is a HOA loan? For many association boards, taking out a loan is the first instinct when they run into funding problems. While loans can certainly address immediate needs, they are not always the right answer. It is imperative to understand how loans work and the requirements attached to them before making a decision. […]
Is Your HOA Going Broke? Here’s The Truth About HOA Bankruptcy
When an association finds its bank balance down to zero, the initial instinct is to file for HOA bankruptcy. While bankruptcy is a real option, it is not the only one. There are several steps boards can take before calling it quits and declaring bankruptcy. Even as a last resort, bankruptcy comes in several forms […]
HOA Delinquency Policy: Clear Escalation Steps For Past-Due Accounts
A strong HOA delinquency policy can maintain a positive cash flow and prevent special assessments. Yet, many associations don’t have a consistent policy that they can enforce. Without one, collection efforts can’t follow a standard process, often resulting in invalidated decisions and increased legal exposure. What is an HOA Delinquency Policy? Homeowners and condo […]
What Happens If You Don’t Pay HOA Fines? Board Enforcement Steps to Know
What happens if you don’t pay HOA fines? Fines are meant to encourage compliance, not punish homeowners. Still, unpaid fines can create real problems for both the owner and the association. When fines go unpaid, the board must follow a structured enforcement process. Understanding what happens next can help both sides avoid unnecessary conflict and […]
HOA Late Fees: Policies, Owner Rights, And Possible Evictions
When a homeowner fails to pay their dues, HOA late fees are usually the first penalty they face. That said, not all associations may have the authority to charge late fees, especially for amounts over a certain threshold. Board members must check state laws and their governing documents to confirm authority and avoid liability. […]
Who Should Be The Authorized Signers On HOA Bank Accounts?
The right signers on the HOA bank account can protect an association’s finances and promote accountability. Board members handle community funds regularly, so it is essential to have clear controls in place. Improper management can lead to mistakes, disputes, or even fraud. What are Authorized Signers on HOA Bank Accounts? Authorized signers on the […]
Should And Can The Board Invest HOA Reserve Funds?
It may seem like a smart move to invest HOA reserve funds, but there’s more to the decision than boards think. There are several considerations to make, including risk, liquidity, and yield. Plus, not all state laws and association bylaws allow reserve fund investments in the first place. Can the Board Invest HOA Reserve […]
How Much HOA Fee Is Too Much? Factors Boards Should Review First
How much HOA fee is too much? It depends on what the community needs and what it actually costs to run it well. Some associations charge more because they offer more services. Meanwhile, others charge more because they face rising costs or poor planning. Boards should review a few key factors before assuming fees are […]
HOA Financial Statements and Board Oversight: What To Look For
HOA financial statements help board members see where the money goes and what the association can afford next. They also show if the community is staying right on track with its budget and reserve plan. When boards review reports effectively, they can catch problems early and make better decisions. What are HOA Financial Statements? […]