Archive for April 2024
The Future of the HOA: Top 7 Changes for Modernizing HOAs
The demographics of homeowners are changing, which means homeowners associations are rushing to adapt their HOA software and policies to the demands of a younger HOA community with more technologically advanced expectations. While Americans over the age of 45 are much more likely to own a home than rent, the number of Millennials and Gen…
Read MoreUnderstanding BOI Reporting: A Guide for HOAs
As of January 1, 2024, the Corporate Transparency Act went into effect. Why does this matter for HOAs? Because small businesses—including HOAs that fall under the criteria—will be required to submit a Beneficial Owner Information Report to the US government. This could significantly change HOA bookkeeping policies and procedures for your HOA. Understanding the implications…
Read MoreStreamline Your Finances With HOA Accounting Software
If you’re on the board of a self managed HOA, you may only have a handful of hours each week to ensure everything gets done. You need efficient tools to make this happen. This is especially true if you’re an HOA treasurer who has the important job of managing the financial health of the community.…
Read MorePickleball Courts in Your Self Managed HOA
Many self managed HOAs have amenities such as pickleball courts or a swimming pool. There are pros and cons to both adding and maintaining these. Who will use them? What is the cost? How will upkeep be managed? In a self managed HOA, the board is made up of volunteers from the community, and their…
Read MoreDitch Your Tech Stack for an All-in-One HOA Management Software
In order to efficiently and effectively self manage your HOA, you need the right tools. If you’ve been managing your community’s HOA for a minute or even just looking into self managing your HOA, then you’re already well aware of how the right software can make a huge difference. When it comes to HOA management,…
Read MoreWhy HOA Bookkeeping as a Service Is a Gamechanger
HOA bookkeeping plays a critical role in maintaining a financially healthy community and typically falls on the shoulders of volunteer board members. While some HOAs might hire a third-party management company to handle the day-to-day management of their association, many will opt to self-manage. Not only does this save thousands of dollars in annual management…
Read MoreEnsuring Compliance: How Software Facilitates HOA Regulations
With the rise of easy-to-use HOA software, self-managed homeowners associations are automating their HOA accounting, communications, and management tasks. For neighborhoods that have traditionally used HOA management companies, access to high-level management tools makes the idea of self-management more attractive than ever. But self-management isn’t without its own issues. For one, compliance now rests on…
Read MoreWhat Your HOA Management Needs to Know About an 1120H
With all the responsibilities your self managed HOA has to take on, it’s easy to overlook taxes. After all, an HOA is set up to support its community, not operate like a traditional business. Most HOAs aren’t tax-exempt. The good news is that filing HOA taxes is typically a piece of cake. The 1120H is…
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