HOA purchasing policies

In order to ensure money is used responsibly, associations create and follow purchasing policies to guide boards, managers, and other staff.

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HOA balance sheets

Balance sheets use information from the general ledger to show how much money the association is bringing in and how much is going out.

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Average cost of condo fees and how to reduce it

Besides making monthly mortgage payments, condo owners must pay condo fees as well.  This amount covers maintenance costs for common areas in the condo building and it contributes to a rainy day fund. Sounds fair enough, right? Problem is, there’s no benchmark to how much condo fees should cost. In some places, it’s $50 while others […]

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Who is responsible for HOA dues after foreclosure?

When an owner doesn’t pay their dues, the entire HOA has to deal with the consequences. Fees from owners are factored into an association’s budget, and when owners fall behind on payments, the HOA can’t cover all of its expenses. In very rare cases, homes have had to be foreclosed because owners could not meet […]

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Accounting for HOAs

HOAs cannot operate without revenue. It’s as simple as that. Good accounting is critical to the health and happiness of every HOA development. Managing a multi-million dollar budget is not so simple, however, especially if none of your board members have an accounting background. Accounting can be quite stressful for anyone to navigate, and it’s […]

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