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HOA accounting is among the most complex tasks in HOA management. In any case, it involves tracking, recording, and reporting the financial activities of the community. Sound financial management is
Many people assume that since homeowners associations (HOAs) are not-for-profit entities, they have no obligation to pay taxes. Nothing could be further from the truth. While HOAs are nonprofit organizations,
Whether running a nonprofit or for-profit organization, understanding the accounting cycle is critical for any company. This holistic process comprises a sequence of steps that identify, track, analyze, and record
Homeowners association boards comprise elected volunteers. Board members have various roles in the running of the community. However, some HOA board members might not have adequate expertise or experience to
Homeowners associations (HOAs) usually collect monthly or annual fees from members to help run the community. The collected funds go toward maintaining common areas and upgrading community facilities. Aside from
Living in an HOA community can be a fulfilling experience. Residents get to enjoy regular maintenance of common areas, enhanced safety and security, and an increased level of community engagement.
A homeowners association is a legal entity that manages a community’s operations and resources. It comprises elected board members who are typically volunteers selected from the community. They play part-time
The IRS classified homeowners associations as corporations. For this reason, HOAs must file tax returns at the end of their financial year unless they have a tax exemption status. However,
Proper financial management is critical to the success of a homeowners association. However, many HOAs rely on volunteers rather than experts to oversee day-to-day operations. For this reason, financial irregularities
Homeowners associations file annual tax returns like any other registered corporation. The only difference is that HOAs have distinct taxation laws with different rates. When filing tax returns, your association
Financial reporting can be a massive challenge for most nonprofit organizations. After all, most nonprofit boards comprise volunteers and contractual employees with little to no experience in financial management. Setting
Homeowners associations (HOAs) are non-profit organizations. However, being a non-profit organization does not make a homeowners association tax-exempt. Under federal tax laws, HOAs must file tax returns annually as any
