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Homeowners associations process a lot of transactions in their day-to-day operations. They collect membership fees, dues, and HOA assessments. They also pay vendors and service providers for various services to
Buying a home in an HOA community comes with numerous benefits. However, new homeowners must comply with various fees and financial obligations at closing, including paying a capital contribution for
Bookkeeping is an integral part of sound financial management. It paints a clear picture of your organization’s current financial status. Since running a business has numerous complexities, many organizations seek
From manicured lawns to well-maintained amenities, residing in a HOA community can be a fulfilling experience. However, this residential experience comes at a cost. HOA residents must pay monthly or
Homeowners associations are nonprofits, meaning they are probably exempt from paying taxes. However, there are different categories of nonprofits, with HOAs classified as common interest realty associations (CIRA). Under federal
While HOAs are nonprofit organizations, the IRS regards them as a corporation. In any case, HOAs collect various fees from homeowners to cover repair and maintenance costs. For this reason,
A homeowners association (HOA) comprises a board of directors that enforces community rules, maintains common areas, mediates between members, and manages public resources. It also collects monthly or annual fees
Homeowners associations (HOAs) are nonprofit organizations, meaning they operate with no intention of generating a profit. The funds collected by the association cater to the welfare of the community. Given
An HOA cannot operate without adequate funds. It requires finances for repairs, renovations, upgrades, routine maintenance, long-term projects, and daily expenses. Misappropriation of finances and resources can impede an HOA
HOA audits are critical to ensuring transparent financial reporting. They can be internal or external, depending on the size of the HOA and relevant state laws. So, how often should
HOA accounting is an integral part of managing a homeowners association. It ensures financial statements are accurate and up to date. Its primary objective is to help HOA communities attain
Filing taxes is mandatory for all businesses. However, it can sometimes be daunting for emerging businesses since it is not a one-size-fits-all solution. You may have to deal with different
