Blog

Looking to keep annual assessments down while still maximizing your HOA’s reserve fund? You might be surprised by just how much money can be saved by performing a simple landscape audit. What this means is simply taking stock of the different ways in which your association is spending money on landscaping, and taking note of the areas in which you might—quite literally—be flushing money down the drain! Tightening up your landscaping procedures can eliminate waste and thereby increase funds.
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There are many responsibilities that fall to those serving on an HOA management board, so, more likely than not, a board member is going to have to learn some new skills in order to serve effectively. To be sure, most board members are probably not going to have the foundational knowledge necessary for board leadership. Unless you have served on many HOA boards before, the odds are slim that are going to be well-versed in the kind of governance and financial management tasks the job requires.
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Working on an HOA Management Board means familiarizing yourself with some of the important financial documents of the association—and chief among them is the Balance Sheet. No other document provides the same kind of “snapshot” of what the association’s financial situation is, which makes it vital for planning the future of your community. That said, analyzing one isn’t necessarily easy, at least not if you don’t already have a background in finance. Here are a few quick tips—what to look for on your balance sheet.
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It’s a busy season, to be sure, but all of these tasks are integral for ensuring the smooth functioning of your HOA—and a seamless transition into the winter months!
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